Fuel Tax Claim Potential Errors in prior period BAS returns
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From 30 March 2022 to 28 September 2022, businesses that acquired fuel for use in heavy vehicles for travelling on public roads couldn’t claim fuel tax credits.
.
This is because the road user charge was more than the excise duty paid, which reduced the fuel tax credit rate
to nil.
Without realising this change, many businesses claimed the normal (old) fuel tax credit during this period in June 2022 Business Activity Statement (BAS).
To correct the overclaim, a correction can be made on the next quarterly BAS to decrease fuel tax credit amount, by including at label 7C (Fuel tax credit over claim).
If your GST turnover is less than $20m, this error must be corrected within 18 months.
Louise is a CPA with a Masters in Professional Accounting and a diploma of Financial Planning. Louise has been in Public Practice for 21 years and has been the principal of LMC since 2012. With a focus on small business support services and self-managed super funds, Louise is passionate about helping small businesses achieve their potential through good cashflow management and strategies for success. Louise and her family enjoy the space and tranquility of the Noosa hinterland with a small acreage block complete with dogs, chickens, geese, ducks and donkeys!
Lesley Joyce
Lesley is our individual taxation specialist and has over 23 years experience in preparing individual and small business returns. Lesley loves country music and line dancing and having recently relocated closer to the coast, enjoys a walk along the beach. Lesley is a proud Nana to her 14 grandchildren.
SuzAnne King
Suzanne is our Client Service Coordinator. She has worked in accounting practices for 20+ years and has expert knowledge in all things relating to Corporate Compliance. She is an active local community volunteer. In her leisure time she enjoys wandering in ancient places and reading biographies.
Kristie Virgo
Kristie has recently joined LMC Financial Group in Office Administration and Reception. She has run her own interior design small business for 20 years and when she is not at LMC she continues to work with clients on the Sunshine Coast. Our new office space has been designed by Kristie and Louise and brings a fresh warm approach to accounting in Cooroy.
Kelly Waldron
Kelly has qualifications in accounting and bookkeeping and has over 20 years’ experience in these areas. Kelly is a local to the beautiful sunshine coast and town of Cooroy and is ready to help with all your accounting and bookkeeping needs, nothing is too difficult. Kelly loves spending time with her family and everything the Sunshine Coast offers, we do really live in paradise.
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