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Did you know that by taking advantage of higher FTC rates, you can increase your fuel tax credits?
Altitude Advisory Business Advisor Christian Sloniec explains.
After some recent research here at Altitude Advisory, we were able to break this good news to several of farmer clients.
And we love sharing good news with our clients! I would expect most people at their screens or on their phones also would like their accountant or business advisor to share some good news with them.
Like many other advisors in Australia, we work with many farmers and Ag-based businesses who claim fuel tax credits.
We ensure they use the correct rates, based on their circumstances, and then apply a simple formula provided by the ATO to calculate the rebate.
Sounds relatively simple – which it is – so we do it and then move on to our next task.
We recently came across some information about the possibility of claiming a greater rebate than the standard rates provided.
My first instinct was, we’ll spend a couple of hours looking into it and we might be able to provide clients with a slightly greater rebate each quarter – hardly a massive win.
Well I was happily wrong!
Based on some favourable tax rulings and practical guidelines provided over the years, we were able to utilise higher FTC rates where previously we thought we hadn’t.
After spending a number of hours researching and applying new calculations, the results we have been able to generate have been excellent for our clients!
Admittedly, it does result in amending previous activity statements, but the benefits are quite staggering in comparison and it felt glorious to be able to provide this for our clients.
For most clients, their reaction is “Thanks. So what else is there we can utilise?”
Let me just enjoy this win first!
Phillip Cross, Royce Cross Agencies
Rodney Quinn, Quinn Transport