Update 1 September 2023
Accurate calculation and claiming of fuel tax credits on your Business Activity Statement (BAS) are essential for financial compliance. The Australian Taxation Office (ATO) provides a user-friendly fuel tax credit calculator to assist businesses in determining the correct rates for their fuel purchases when preparing their BAS. These rates undergo periodic changes, so it's crucial to stay updated based on the specific dates of fuel acquisition. All businesses claiming these credits should apply the new rates for fuel acquired from 1 August onwards.
The Small Business Training and Skills boost benefits small businesses with an aggregated annual turnover of less than $50 million from an additional 20% tax deduction for external training courses provided to their employees by registered training providers. This boost applies to eligible expenses incurred from 7:30 pm AEDT on March 29, 2022, until June 30, 2024. To qualify for this Small Business Skills and Training Boost, your business must be classified as a small business entity with an annual turnover of less than $50 million. To apply see below for more.
The Digital Games Tax Offset (DGTO) is a refundable tax incentive designed for eligible Australian companies actively involved in the development of digital games. These qualifying companies have the opportunity to seek a 30% offset on their cumulative Qualifying Australian Development Expenditure (QADE) as validated by the Minister for the Arts. To be eligible, the QADE must exceed a minimum threshold of $500,000 and must have been incurred on or after the commencement date of July 1, 2022.
The Northern Rivers holds regular Community Events. See what's on and keep up to date on all the fantastic opportunities available and help to support local. Don't miss the sample food festival this Saturday 2 September - a delight for foodies!
A reminder, there are some important lodgement dates to note this month.
The WD Nicholls Team
Ensuring you accurately calculate and claim fuel tax credits on your Business Activity Statement (BAS) is crucial for your financial compliance. The Australian Taxation Office (ATO) offers a user-friendly fuel tax credit calculator designed to assist businesses in determining the correct rates applicable to their fuel purchases when preparing their BAS.
Fuel tax credit rates are subject to periodic changes, and it's imperative to stay up-to-date with the latest rates corresponding to the specific dates when you acquired the fuel. For instance, as of 1 July, the fuel tax credit rate for heavy vehicles, including buses, coaches, and trucks traveling on public roads, underwent a decrease due to the rise in the road user charge.
Subsequently, on 1 August, fuel tax credit rates experienced an increase in alignment with the fuel excise indexation. Therefore, it is essential for all businesses claiming fuel tax credits to adopt the new rates for fuel acquisitions made from 1 August onwards.
To simplify the process, businesses that claim less than $10,000 in a given year can opt to use the rate applicable at the end of their BAS reporting period to calculate their claims accurately. This flexibility can streamline your financial record-keeping and claims process.
To ensure that your fuel tax credit claims are precise and compliant with ATO regulations, follow these steps:
Utilise the ATO's fuel tax credit calculator as it integrates the most up-to-date rates.
Maintain meticulous records of your fuel purchases, including invoices and receipts, to substantiate your claims in case of an audit.
Be mindful of the time constraints associated with correcting any errors or discrepancies in your claims. Timely and accurate submissions are essential to avoid potential issues with the ATO.
By staying informed about the latest rates and utilising the ATO's resources, you can confidently manage your fuel tax credit claims and comply with tax regulations, ultimately contributing to the financial health and compliance of your business.
Source and credit: ATO.gov.au
This initiative provides small businesses with a bonus tax deduction to help them train new staff and upskill existing staff.
Application detail:
What do you get? Additional 20% tax deduction.
Who is this for? Small businesses.
Overview Small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction for external training courses delivered to employees by registered training providers.
The boost applies to eligible expenditure incurred from 7:30 pm AEDT on 29 March 2022 until 30 June 2024.
The expenditure must be:
for the provision of training to employees of your business, either in-person in Australia, or online
charged, directly or indirectly, by a registered external training provider that is not you or an associate of yours
already deductible for your business under taxation law
incurred within a specified period (between 7:30 pm AEDT or by legal time in the ACT on 29 March 2022 and 30 June 2024).
Check if you can apply To access the small business skills and training boost, your business needs to be a small business entity. Your aggregated annual turnover must be less than $50 million for the income year in which you incur the expenditure.
Contact information
Phone:13 28 66
Source and credit: Business.gov.au
The Digital Games Tax Offset (DGTO) is a refundable tax benefit available to eligible Australian companies engaged in digital game development. These companies can claim a 30% offset on their total Qualifying Australian Development Expenditure (QADE), as certified by the Minister for the Arts. To qualify, the QADE must be a minimum of $500,000 and incurred on or after July 1, 2022, with a maximum cap of $20 million per company per income year. This cap also applies to groups of connected or affiliated companies.
To claim the DGTO, a company must:
Obtain a certificate from the Minister for the Arts, confirming eligibility and total QADE.
Include the offset claim in their company tax return for the relevant income year.
Be an Australian resident company with an Australian Business Number (ABN) or a foreign resident company with an ABN and a permanent establishment in Australia.
After receiving certification from the Minister for the Arts, companies can claim the DGTO on their 2022–23 company tax return by reporting it under label E - Refundable tax offsets.
Consolidated groups should ensure that the sum of all DGTO claims within the group does not exceed the $20 million cap for connected or affiliated companies.
Source and credit: ATO.gov.au
We always like to support our locals! Here are some community events happening this month (in date order).
Sample Food Festival next date is Saturday 2 September 2023 | 8:00 AM to 4:00 PM
This event has been running for the past ten years and is a must for food-lovers.
It will be held at Bangalow Showground on Saturday 2 September.
Experience some of the region’s best restaurants, cooking demonstrations, kids activities and more.
Location: Bangalow Showgrounds, 1 Market Street, Bangalow
Byron Community Market next date is Sunday, 3 September 2023 | 8:00 AM to 3:00 PM
The Byron Bay Community Market hosts an eclectic collection of market stalls that showcase what Byron has to offer.
The market is held from 8:00 am to 3:00 pm on the 1st Sunday of every month.
Road closures and traffic changes on market day:
Jonson Street is closed to traffic at the corner of Byron and Marvel Streets from 5am to 5pm.
Traffic is diverted via Fletcher Street.
The Lawson Street South carpark is closed from 5am to 5pm.
There may be traffic delays are on Lawson Street between the Shirley Street and Jonson Street roundabouts between 6am to 8am and 3pm to 5.30pm.
The railway carpark is open under traffic control via the laneway on Jonson Street.
Traffic controllers will be in place on market day.
Location: in the Byron Bay CBD, spreads along the rail corridor, Railway Park, and onto Jonson Street.
Council planning meeting next date is Thursday, 14 September 2023 | 11:00 AM to 6:00 PM
Council meetings are usually held in the Chambers. As these were damaged in the 2022 floods, Council meetings are being held in the Conference Room, Mullumbimby Council Administration Building.
This room has a smaller capacity for in person attendance.
The Chambers are expected to open later this year.
A livestream is available to watch online.
Questions about the meeting?
Location: Council Administration Building, 70 Station Street, Mullumbimby
Mullumbimby Community Market next date is Saturday, 16 September 2023 | 8:00 AM to 2:00 PM
The Mullumbimby Community Market is held on the third Saturday of each month from 8:00 am to 2:00 pm.
Location: Corner of Stuarts and Myocum Streets, Mullumbimby
Council ordinary meeting next date is Thursday, 28 September 2023 | 9:00 AM to 6:00 PM
Council meetings are usually held in the Chambers. As these were damaged in the 2022 floods,
Council meetings are being held in the Conference Room, Mullumbimby Council Administration Building.
This room has a smaller capacity for in person attendance.
The Chambers are expected to open later this year.
A livestream is available to watch online.
Questions about the meeting?
Location: Council Administration Building, 70 Station Street, Mullumbimby
If you want to know more about what is going on in your local community, click the link below.
Source and credit: Byron.nsw.gov.au
If you wish to arrange a telephone appointment or zoom meeting with one of our team please contact our office either by telephone or email.
Key lodgement and payment dates for business
21 September
Activity statements
August monthly activity statements – final date for lodgment and payment.
30 September
Single Touch Payroll (STP) closely-held payees
End-of-year finalisation declaration through STP for closely held payees due for employers who have both closely held payees and arm's length employees.
Annual TFN withholding report
Annual TFN withholding report for closely-held trusts where a trustee has been required to withhold amounts from payments to beneficiaries during the previous financial year – final date for lodgment.
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