Fuel tax credits

https://help.myob.com/wiki/x/foqO

Close

How satisfied are you with our online help?*

Just these help pages, not phone support or the product itself

0

1

2

3

4

5

Very dissatisfied

Very satisfied

Why did you give this rating?

It's hard to find information

Instructions are hard to follow

Content isn't detailed enough

It doesn't fix my software problems

Anything else you want to tell us about the help?

Australia only

If your business receives fuel tax credits for fuel on machinery, equipment or heavy vehicles, it's easy to record the amount in AccountRight.

You'll need to record a journal entry to reflect any fuel tax credit amounts. The journal entry would involve two accounts:

A 4-XXXX or 8-XXXX Income account which would be credited. This increases income which amounts to decreasing expense.
A choice of a 2-XXXX Liability account or 1-XXXX Asset account which would be debited.

If you want to keep your tax credit account grouped with your other tax liability accounts, such as GST collected and paid, choose a liability account. For more information on creating accounts, see Setting up accounts.

In the example below, the amount of a fuel tax credit for a period is $1,000 for the reporting period:

FAQs

How do I determine the amount of fuel tax credit I am eligible to claim?

To determine the amount of fuel tax credit you are eligible to claim for a given BAS period, you can perform a Find transaction on the account - located at the bottom of any command centre.

The credit amount would normally be the net change in the account over your specified period.

What BAS fields are used for fuel tax credits?

The following BAS fields are used for fuel tax credits:

7C (Fuel tax credit over claim) - This field is used to record fuel tax credits that may have been over-reported in previous periods
7D - (Fuel tax credit) - This field is used to claim fuel tax credits

To activate these fields in BASlink, you'll want to select the I Claim Fuel Tax Credits option in the BAS Info window.