Finance

Tax shock! Taxman gives businesses a free tip

SmartCompany /

Yep, you read that headline correctly.

Just weeks before the start of the 2008-09 tax year, Taxation Commissioner Michael D’Ascenzo has taken the unusual step of issuing a media release to remind companies that they may now be eligible to claim fuel tax credits for the first time.

Previously, businesses have only been able to claim fuel tax credits for fuel used in heavy vehicles, such as trucks, and specific activities, such as primary production.

“Businesses should check now if they are eligible from 1 July 2008 to claim fuel tax credits for the majority of fuel used in their business – whether it’s used in blower vacuums and backhoes, or chainsaws and concrete mixers,” D’Ascenzo says. “Many businesses may not know they could be eligible to claim fuel tax credits, so we’re hoping to spread the word and provide those businesses with the support and information they need.”

To register for fuel tax credits, companies need to call the tax office on 13 72 26.

Of course, being the tax office, it’s not all good news.

D’Ascenzo has also issued a taxpayer alert warning superannuation funds trustees and members to be cautious when moving assets other than cash into super funds.

Trustees must make sure their fund accurately reports the market value of the assets transferred. “We are concerned about contributions of assets made to a fund where the market value of the asset is not properly accounted for in an attempt to avoid paying excess contributions tax,” D’Ascenzo says.

 

Read more on tax deductions

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