Anti-money laundering Bill: New disclosure obligation on certain professions
The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 has been introduced into Parliament. expanding the AML/CTF regime to include lawyers, accountants, real estate professionals, and dealers in precious stones and metals. These sectors will now face new reporting and record-keeping obligations starting 31 March 2026. According to the Attorney General, criminals are increasingly exploiting these industries to launder money and conceal illicit wealth.
ATO tips on claiming fuel tax credits
Fuel tax credit rates:
- changed on 1 July for heavy vehicles travelling on public roads, due to the increase in the road user charge
- changed again on 5 August due to the fuel excise indexation.
Different rates apply based on when you acquire fuel. Make sure you use the correct rates when you claim fuel tax credits on your business activity statement (BAS).
Here are some tips to help you get it right:
Tip 1: If you don’t already claim fuel tax credits, check if you’re eligible to claim (https://www.ato.gov.au/businesses-and-organisations/income-deductions-and-concessions/incentives-and-concessions/fuel-schemes/fuel-tax-credits-business/eligibility). You need to register for GST and fuel tax credits. You can only claim for eligible fuels you acquired, manufactured or imported and used in your business.
Tip 2: Use the fuel tax credit calculator to work out:
- the amount to report on your BAS, based on the date you acquired the fuel and fuel type
- any changes or corrections for a previous BAS.
Tip 3: Lodge via online services or a registered tax or BAS agent – this could give you extra time to lodge and pay.
Tip 4: Keep records to support your claim.
Draft Legislation to Extend Amendment Period to Four Years
This proposed measure is subject to the passage of legislation.
The government has proposed extending the period for amending assessments of small and medium business entities to four years (up from two). This could reduce the administrative burden for both taxpayers and the ATO. Note that the ATO can only amend assessments based on the taxpayer’s application within this four-year window.
This proposed measure is subject to the passage of legislation