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Kartia K.
Kartia K.
Wallsend, NSW
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If there is a fuel rebate of per say 75.000
Do you add that into the 'Income' column when doing your financials?...My husband has had his aunt doing the Co financials the Co is in earthmoving they spend supposedly 170.000 for Fuel & Oil and get a rebate between 56.000 and 75.000. would that be classified as 'Other Income' which she has added onto the 'Trading Income' column

7 years ago
Comments
Suresh Rajani Suresh Rajani
Current Rating: 4.6 / 5
Accountant
Parramatta, NSW

Yes it would be classified as other income and also there is a separate place you need to declare on the tax return - A
Assessable Government Industry Payments

Responses

Suresh Rajani Suresh Rajani
Current Rating: 4.6 / 5
Accountant
Parramatta, NSW
7 years ago

Hi Kartia

Assuming you are referring to Fuel Tax Credits here.

Yes Fuel Tax Credits are income and they need to be declared and disclosed as such.

Comments
Kartia K. Kartia K.

Thank you Suresh

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