2022/23 Federal Budget

1. Personal income tax changes

1.1 Increase to low and middle income tax offset (‘LMITO’)

The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year, which will be provided in the form of an increase to the existing LMITO. This will increase the maximum LMITO benefit to $1,500 […]

Tax relief for businesses affected by COVID-19

Businesses affected by COVID-19 can now access support from the ATO on managing their tax affairs

The ATO will allow deferrals of payments for 6 months for income tax, activity statements, FBT and excise payments.

Also, affected businesses will be able to apply for remission of interest and penalties.

Affected businesses are being encouraged to […]

Increased fuel tax credit rates

Fuel tax credit rates increased on 3 February

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

Rates may also change in July for fuel used in a heavy vehicle for travelling on public roads. This is due to changes […]

Fuel tax guidance amended for bus operators

Fuel tax credits for fuel use in vehicles on public roads

The ATO has amended its guidance on fuel tax credit claims for business taxpayers who acquire the fuel for use in a vehicle travelling on a public road.

The amount of credit for taxable fuel that is acquired to use in a […]

Fuel up with BP and Xero Connect

Hitting the road?

Xero now integrates with BP Plus Fuel Card in Australia, keeping small businesses on the road without the headache of holding onto physical receipts.

BP has partnered with Xero Connect in Australia to enable business customers to automate the entry of monthly invoices related to fuel expenses into Xero. This solution […]