The Fuel Tax Credit Rate has changed for all fuel purchased from 10 November 2014 and the ATO has reintroduced Fuel Excise Indexation. Indexation adjustments to the Fuel Tax Credit Rate will occur each February and August (commencing 1 February 2015).
- The Agrimaster programme cannot currently manage two different Fuel Tax rates in one BAS period and our development team is currently looking into providing a solution to this issue. Extensive development to the program is required to comply with this change from the ATO. We will keep you posted on progress.
- All users will need to make some manual calculations.
What you need to do:
All Agrimaster users will need to make manual adjustments to incorporate the Fuel Tax changes.
- Use the Fuel Tax Rebate (Details) Report to obtain the fuel transactions for the month/quarter
- Use the ATO Fuel Tax Credit Calculator to ascertain your correct credit amount
- Confirm the BAS amendment/adjustment with you accountant.
N.B. When closing your GST/BAS Period in Agrimaster, choose Auto-Create the Transaction in your Cashbook then open the Transaction and amend the Fuel Tax Rebate amount to match the ATO Calculation.
Please refer to these Help Notes for further information:-