Stop Leaving Money on the Table: Claim the GST and Fuel Tax Credits You’re Entitled To (February 26)

Relevant For:

Australian small and medium business owners registered for GST, particularly those operating vehicles, plant or machinery.

Key Points:

• GST credits refund GST paid on business purchases if you are registered and hold valid tax invoices.
• Claims must relate to business use and be made within four years of the BAS due date.
• Fuel tax credits refund fuel excise on eligible business fuel use.
• Not all vehicles or road use qualify due to the road-user charge.
• Rates vary and are indexed twice yearly.
• Missed credits can often be corrected in later BAS within time limits.
• Reviewing past periods can improve cash flow.

Full Article:

Cash flow pressure is common at the start of a new year. One practical way to strengthen your position is to ensure you are not missing legitimate GST and fuel tax credits. Many businesses overlook these entitlements, particularly in busy trading periods.