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Fuel tax credits – rate change

On 1 August 2017, fuel tax credit rates increased. Some of these rates also changed on 1 July 2017, due to a change in the road user charge and an annual increase to excise duty rates on biofuels.

Fuel tax credit rates change regularly – they are indexed twice a year, in February and August, in line with the consumer price index (CPI).

Below are the rates for fuel acquired from 1 August 2017 to 31 January 2018.

Eligible fuel type Unit Used in heavy vehicles for travelling on public roads All other business uses (including to power auxiliary equipment of a heavy vehicle)
Liquid fuels, i.e., diesel or petrol Cents per litre 14.5 40.3
Blended fuels: B5, B20, E10 Cents per litre 14.5 40.3
Liquefied petroleum gas (LPG) (duty paid) Cents per litre 0.0 13.2
Liquefied natural gas (LNG) or compressed natural gas (CNG) (duty paid) Cents per kilogram 0.0 27.6
Blended fuel: E85 Cents per litre 0.0 10.55
B100 Cents per litre 0.0 2.7

Claims for packaging or supplying fuels can use the ‘all other business uses’ rate for the appropriate eligible fuel type.

For businesses that claim less than $10,000 in fuel tax credits in a year, to simplify your claim use the rate that applies at the end of the BAS period.

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How to select a default fund for your business

August 7, 2020

Business owners might be required to select a default fund for employees when they do not want to nominate their own superannuation funds. Funds should meet specific requirements that are stated as per super law, so it is important to select a complying fund. However, there are other factors that you may have to think about before selecting a default fund to make sure that you and your employees get the most out of it.

Pricing
Naturally, one of the main considerations while selecting a super fund should be pricing. Funds that have a lower fee may not cover extras, and this requires careful analysis to see what extras have been left out. Coverage for extras like being able to track down missing super is a key feature that employees will prefer your default fund has.

Employee preferences
Employees are likely to prefer funds that allow flexibility with their investment options and have essential features like insurance policies covering death, total and permanent disability (TPD), and income protection. You may want to consider options that give your employees a comprehensive cover while keeping an eye out for any exclusions that might affect you.

Industry fund
Checking industry funds may help reveal awards that are particularly applicable to employees from your industry. It is a requirement that your default fund is a MySuper product. All listings under Industry SuperFunds are MySuper products, so this can simplify the process of finding an affordable super fund for your employees.

Fund management
Finally, consider taking a closer look at the fund’s insurance offerings. Past performance of the fund doesn’t guarantee high returns in the future. But it is important to be aware of the returns on the fund’s investments to compare how their options have performed against their return objectives. This can increase the chances that the selected super fund will be beneficial to you and your employees.