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Fuel Tax Credit Calculator

Overview

The purpose of this tool is to allow you to calculate the Fuel Tax Credit claim ready for your clients BAS and where connected to Xero extract the fuel details direct from the applicable accounts.

 

 

New User Interface

Jump straight to the applicable section:

 

Variables & Input Fields

FTC_Calc_-_overview_menu.png

   Variable Name

Description
1
 Client Name

Type the client's name into this field
2
 Extract Fuel information from Xero

Select this if you wish to extract the fuel information direct from Xero. It will only appear if the client is already connected to Xero.

Note: If the Xero icon appears in orange Xero_logo_orange_32x32.png, the Xero data is still being synced in the background and the functionality will be limited until it's all available. Once completed the icon will appear in blueXero_logo_blue_32x32.png .
3
 BAS Frequency Enter if the BAS frequency is Monthly, Quarterly or Yearly. 
4
 BAS Start Date Enter the BAS start date
5
 Description

Optional field to add some extra detail about the FTC claim being made.
6
 Type

Select if it will be a Standard or Simplified version

See the ATO website for when the applicable type is relevant to your situation. ATO - Simplified Fuel Tax Credits
7
 Xero Fuel Accounts

Where connected to Xero, this area will appear enabling you to select the accounts you would like to pull fuel tax credit information from along with set up default entries.

You also have the option to refresh the Xero accounts from here as well.
8
 Shared Toolbar  Checkout the functionality of the shared toolbar in the Shared Elements help page.

 

Before you start

To get the best use out of the tool there are some things you should potentially look after first

      • If you intend to extract information from Xero make sure you've connected your Xero file before beginning the process. This can be completed from the integration section of each client detail page or from the client list page.
      • Ensure you educate your clients to get into the habit of entering the applicable fuel amounts into the description of the applicable transactions within Xero to get the most out of automating the process. eg. 50L or 50KG
i
 Please note that until the sync process is completed, the Xero related functionality will be limited until the data sync is completed. Depending on how long the Xero file has been in existence, it may take a while so don't worry if the notification takes its time to show up. Future sync's with Xero will be quick though since we'll just be syncing any modified transactions since the last sync, which happens every night unless triggered manually.

 

Setting up your first Fuel Tax Credit calculation

Create a new Fuel Tax Credit calculation from the list page.
 

Setup the initial client-specific details.

  1. Set the client name.
  2. Identify whether you would like to extract fuel transactions from Xero (if available)
  3. Set the BAS frequency applicable to the client (monthly, quarterly, annually)
  4. Set the BAS start date for the period you're calculating; Double check that the period is correct, for it sets the fuel rates applied.
  5. Optionally set a description
  6. Set the type noting the ATO requirements to utilise the simplified method of calculation.
  7. Where you've selected Extract fuel information from Xero, you have the option to identify which accounts you would like us to retrieve the information from. This enables you to set the default entries for each transaction within each selected account.
    • Xero Account - select the applicable account.
    • Set Default Fuel Type - choose the applicable option for the fuel in this account.
    • Set Default Business Use - choose the applicable option for the fuel in this account.
    • Set Business Use percentage of Rebateable Fuel
      • Note: These can be overridden at a per transaction basis below:
  8. Link any applicable documents if relevant via the shared toolbar.
  9. Select CONTINUE to save the setup information and continue with the calculation.

FTC_Calc_-_override_menu.png

Calculate your fuel tax credit claim

NOT connected to Xero

      1. Work your way through the Original BAS lines
        • Enter a brief description (optional)
        • Select the applicable fuel type
        • Select the applicable business use
        • Identify the appropriate period of purchase
        • Enter the applicable fuel quantities
        • Add new lines for each applicable FTC claim
      2. Enter any adjustments into the applicable area (for prior periods)
        • Same as the above, except you are able to enter a negative quantity for a downward adjustment.
      3. Complete a final review to ensure all figures are correct.
      4. Press Finalise to lock all of the fields, output to PDF and add to your BAS workpapers.
 

Connected to Xero

Here we have pulled in the fuel data from the accounts selected above. As part of this process, we will apply any defaults selected above for each account; Where we find an indication of quantity within a description (eg. 100L  |  100 L   |  100 x L  | 100xL), we have populated the quantity field automatically and applied the Business Use percentage.

  1. Work your way through the transactions imported from Xero under Original BAS lines.
    • Update the description (optional)
    • Review the Qty fields and update as required.
    • Review and update $, Fuel Type, Business Use and period of purchase as required. 
  2. Add any new custom lines for transactions not captured on the Xero import by pressing the (+) Add new line.
    • Enter the details as per normal.
  3. Enter any adjustments into the applicable area (for prior periods)
    • Same as the above, except you are able to enter a negative quantity for a downward adjustment.
  4. Complete a final review to ensure all figures are correct.
  5. Press Finalise to lock all of the fields, output to PDF and add to your BAS workpapers.

 

Legacy User Interface

Jump straight to the applicable section:

 

Variables & Input Fields

Help_-_Tools_-_FamilyGroup_-_Fuel_Tax_Credit_Calc_-_Setup.png

 

   Variable Name

Description
1
 Client Name

Type the client's name into this field
2
 Extract Fuel information from Xero

Select this if you wish to extract the fuel information direct from Xero. It will only appear if the client is already connected to Xero.

Note: If the Xero icon appears in orange Xero_logo_orange_32x32.png, the Xero data is still being synced in the background and the functionality will be limited until it's all available. Once completed the icon will appear in blueXero_logo_blue_32x32.png .
3
 BAS Frequency Enter if the BAS frequency is Monthly, Quarterly or Yearly. 
4
 BAS Start Date Enter the BAS start date
5
 Description

Optional field to add some extra detail about the FTC claim being made.
6
 Type

Select if it will be a Standard or Simplified version

See the ATO website for when the applicable type is relevant to your situation. ATO - Simplified Fuel Tax Credits
7
 Xero Fuel Accounts

Where connected to Xero, this area will appear enabling you to select the accounts you would like to pull fuel tax credit information from along with set up default entries.

You also have the option to refresh the Xero accounts from here as well.
8
 Link Documents By clicking "link or upload documents" you can link any documents you have in your document management system folders or upload them. Alternatively, you can drag and drop in this area to upload documents. This area will only be enabled once a document management system has been connected. See here for more information.
9
 History To come - This allows you to see the history of changes made to the file. You can also make notes in this section as to why something was changed etc.  This is available across various tools. For more information on this go to Shared Elements.

 

Before you start

To get the best use out of the tool there are some things you should potentially look after first

      • If you intend to extract information from Xero make sure you've connected your Xero file before beginning the process. This can be completed from the integration section of each client detail page or from the client list page.
      • Ensure you educate your clients to get into the habit of entering the applicable fuel amounts into the description of the applicable transactions within Xero to get the most out of automating the process. eg. 50L or 50KG
i
 Please note that until the sync process is completed, the Xero related functionality will be limited until the data sync is completed. Depending on how long the Xero file has been in existence, it may take a while so don't worry if the notification takes its time to show up. Future sync's with Xero will be quick though since we'll just be syncing any modified transactions since the last sync, which happens every night unless triggered manually.

 

Setting up your first Fuel Tax Credit calculation

Create a new Fuel Tax Credit calculation from the list page.
 

Setup the initial client-specific details.

  1. Set the client name.
  2. Identify whether you would like to extract fuel transactions from Xero (if available)
  3. Set the BAS frequency applicable to the client (monthly, quarterly, annually)
  4. Set the BAS start date for the period you're calculating; Double check that the period is correct, for it sets the fuel rates applied.
  5. Optionally set a description
  6. Set the type noting the ATO requirements to utilise the simplified method of calculation.
  7. Where you've selected Extract fuel information from Xero, you have the option to identify which accounts you would like us to retrieve the information from. This enables you to set the default entries for each transaction within each selected account.
    • Xero Account - select the applicable account.
    • Set Default Fuel Type - choose the applicable option for the fuel in this account.
    • Set Default Business Use - choose the applicable option for the fuel in this account.
    • Set Business Use percentage of Rebateable Fuel
      • Note: These can be overridden on a per transaction basis belowHelp_-_Tools_-_FamilyGroup_-_FuelTaxCreditCalc_-_AddAccounts.png
  8. Link any applicable documents if relevant.
  9. Select CONTINUE to save the setup information and continue with the calculation.

 

Calculate your fuel tax credit claim

NOT connected to Xero

      1. Work your way through the Original BAS lines
        • Enter a brief description (optional)
        • Select the applicable fuel type
        • Select the applicable business use
        • Identify the appropriate period of purchase
        • Enter the applicable fuel quantities
        • Add new lines for each applicable FTC claim
      2. Enter any adjustments into the applicable area (for prior periods)
        • Same as the above, except you are able to enter a negative quantity for a downward adjustment.
      3. Complete a final review to ensure all figures are correct.
      4. Press Finalise to lock all of the fields, output to PDF and add to your BAS workpapers.
 

Connected to Xero

Here we have pulled in the fuel data from the accounts selected above. As part of this process, we will apply any defaults selected above for each account; Where we find an indication of quantity within a description (eg. 100L  |  100 L   |  100 x L  | 100xL), we have populated the quantity field automatically and applied the Business Use percentage.

  1. Work your way through the transactions imported from Xero under Original BAS lines.
    • Update the description (optional)
    • Review the Qty fields and update as required.
    • Review and update $, Fuel Type, Business Use and period of purchase as required. 
  2. Add any new custom lines for transactions not captured on the Xero import by pressing the (+) Add new line.
    • Enter the details as per normal.
  3. Enter any adjustments into the applicable area (for prior periods)
    • Same as the above, except you are able to enter a negative quantity for a downward adjustment.
  4. Complete a final review to ensure all figures are correct.
  5. Press Finalise to lock all of the fields, output to PDF and add to your BAS workpapers.

Related Links

Menus & Shared Elements Follow the link to see our various elements shared throughout the various toolsets.
Practice Settings Follow this link see what practice defaults for the mail register can be customised.
Document Management (DMS) Learn how to connect and manage your DMS
Xero Connection Head here to understand how the Xero Connection is setup and associated statuses along with troubleshooting issues such as locked periods.

 

 

 

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