Tax changes that may effect you
D.J. Kelly & Co.
Chartered Accountants
122 Queen St Barraba.
Phone 67821403
Tax Changes that may affect you
DIESEL FUEL REBATE
For farmers and others that use heavy vehicles on the road there have been changes to the amount that you can claim for diesel fuel used in farm vehicles and other vehicles for both on-road and off-road use.
These changes have been brought about by the reduction in the fuel excise of twenty two (22) cents per litre which was implemented to reduce the cost of fuel.
For the period 30TH MARCH 2022 TO 30 JUNE 2022 THE FOLLOWING RATES WILL APPLY:
For off-road use 22.1 cents per litre
For eligible on-road use the rate is Nil.
These rates will need to be used for the calculation of your fuel tax credit for the June 2022 quarter.
These rates have been reduced from 44.2 and 17.8 cents per litre respectively.
For anyone who reports and claims the fuel tax credit on a monthly basis these rates will apply for the month of July.
SUPERANNUATION
As of the 1st July the amount of superannuation that you, as an employer, need to remit on behalf of your employees increases to 10.5%. (Previously 10.0%).
A further change is that superannuation at the rate of 10.5% will need to be remitted on all wages paid.
Previously employers were not required to remit superannuation where the wages paid were less than
$450.00 per month. This threshold has now been removed.
Note that any amount paid for wages will attract the 10.5% superannuation guarantee charge.
If you need any further information on these changes, please do not hesitate to contact us. Email kelly@djkelly.com.au or phone 02 6782140.
This information has been provided by D J Kelly & Co Chartered Accountants.