Tax Tit Bits

Dim, Sum

Fuel Tax Credit Rate Hike

Fuel tax credit rates increased on 2 August 2021 in line with fuel excise indexation. If you claim less than $10,000 in fuel tax credits per year, you can use simplified methods including:

  • the rate that applies at the end of your BAS period
  • the Basic method for heavy vehicles to calculate your claims if you use a heavy vehicle.

You can find the updated rates here and use this fuel tax credit calculator to work out your claims. If you need more help with your tax, contact us today!

Government Support for Best Emerging Innovators in Western Australia

A total of 21 start-ups and SMEs have been awarded up to $20,000 each by the Government of Western Australia. A total of $385,000 has been given through the Innovation Vouchers Program, which aims to assist Western Australian innovators in commercialising their ideas and creating new jobs.

Since its launch in 2011, the Innovation Vouchers Program has awarded 199 vouchers worth approximately $3.7 million.

Downsizer Contribution Into Superannuation

If you’re at least 65 years old and you meet the eligibility requirements, you may be able to make a downsizer contribution into your superannuation of up to $300,000 from the proceeds of selling your home.

Your downsizer contribution will not affect your total superannuation balance until your total super balance is re-calculated to include all your contributions, including your downsizer contributions at the end of the financial year.

It will count towards your transfer balance cap which applies when you move your super savings into the retirement phase. You can also access the downsizer scheme only once, and if you sell your home and choose to make a downsizer contribution, you will not be required to purchase another home.

Get in touch with us to check your eligibility and if you have any questions.

ATO support for those affected by COVID-19 restrictions or disasters

The ATO has a range of support options to help those affected by disasters or those experiencing challenges due to continuing COVID-19 restrictions.

The ATO may be able to:

  • prioritise any refunds owed to you
  • set up a payment plan tailored to your individual situation
  • remit penalties or interest charged during the time you have been affected.

If you need help to manage your tax or superannuation obligations, please get in touch with us.

JobMaker Hiring Credit’s Second Claim Period

The second claim period of the JobMaker Hiring Credit is now open. So if you’ve taken on additional young employees between 7 January and 6 April 2021, you may claim the following payments:

  • up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
  • up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

Register any time until the scheme ends.

Wage Subsidy Scheme for Apprentices and Trainees

The government has announced the expansion of the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. Ask us if you have any questions.

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