Sunshine Coast Region, Queensland
Business Accountant in Mooloolaba
How fuel tax credits work, and instalments that match the season you've had
BAS, compliance and business tax for Mooloolaba businesses, from a CPA practice.
Mooloolaba Harbour, on the Mooloolah River, is home to a large fleet of fishing vessels and the northern base for the pilot vessels that control shipping through Moreton Bay. The Wharf Marina and Mooloolaba Marina sit on the river's northern bank. Fishing and marine transport are among the activities that can claim fuel tax credits.
The harbour and the esplanade
Mooloolaba's working waterfront.
The Wharf Marina covers 2.2 hectares and Mooloolaba Marina 12.1 hectares. Sea Life Sunshine Coast on Parkyn Parade has an 80-metre underwater viewing tunnel, and the esplanade is a centre for tourist activity. In the 2021 Census, Cafes and Restaurants employed 4.8% of the suburb's working residents and Managers made up 13.5% of them.
Marine and harbour businesses: three questions
Claiming fuel tax credits
Why it happens
A fishing operator, charter boat or marine business burns diesel or petrol in its vessels.
Why it matters
To claim fuel tax credits, a business must be registered for GST when it acquires the fuel and registered for fuel tax credits when it lodges the claim. Fishing and marine transport are eligible activities. Credits are claimed at the fuel tax credit labels on the BAS, and the rates are indexed each financial year.
How we help
Our work is methodical and designed to reduce rework and correspondence. Keep fuel invoices with the date, litres and the vessel each was used in.
PAYG instalments through the year
Why it happens
A business with income from last year receives quarterly PAYG instalment notices from the ATO.
Why it matters
PAYG instalments are prepayments of the year's income tax, credited against it when the return is lodged; an excess is refunded and a shortfall is paid.
How we help
Meeting your obligations is easier with a steady process.
Varying instalments in a lean year
Why it happens
A poor season, a vessel out of the water or a slow tourist year means income will fall well below last year's.
Why it matters
A business can vary its instalment amount at T9, or its rate at T3 with a reason code at T4, on or before the due date. If the varied amount or rate is less than 85% of the ATO's figure for the year, general interest charge may apply on the shortfall.
How we help
We help business owners gain clarity, confidence, and control over their finances so they can make smarter decisions and focus on growth. Base any variation on up-to-date figures for the year so far.
Frequently asked questions
Can a Mooloolaba fishing business claim fuel tax credits?
Yes. Fishing and marine transport are eligible activities, provided the business is registered for GST and for fuel tax credits.
How do I register for fuel tax credits?
Register for GST before you acquire the fuel, and for fuel tax credits before you lodge the claim.
Can I reduce my PAYG instalments?
Yes, by varying the amount or rate on your activity statement on or before the due date. If the variation is too low, under 85% of the ATO's figure, interest may apply.
Where to next
Main page
Business accountant on the Sunshine Coast
Nearby areas
- Business accountant in Maroochydore
- Business accountant in Buderim
- Business accountant in Kawana Waters
Related services
Get in touch
Have a question?
Before the next BAS
Reliable books make better decisions possible.
Lomandra Accounting is a CPA Practice, registered with the Tax Practitioners Board and an SMSF Specialist. Emma, the Director, is a Certified Practicing Accountant (CPA) with extensive experience in commercial business management, and specialises in Self-Managed Super Funds (SMSFs).
- 07 5234 9201
- admin@lomandraa.com.au
- Sunshine Coast, QLD
- Monday to Friday, 9am to 4:30pm