Effective August 2nd 2021, there will be a change in the excise calculation, as requested by the Australian Tax Office. To better represent the actual blend of Gasoline from 42.7 to 43.3 and Diesel from 42.7 to 43.30 and for the E10 product, the excise calculation will change from 14.0 to 14.20 and B100 product the excise calculation will change from 8.50 to 8.70. For the full detail please click on this link.
ATO: Excise duty rates for fuel and petroleum products
2 years ago
More than $84 million worth of tobacco has been seized in a two-day blitz that’s disrupted three illicit tobacco growing operations in regional Victoria and NSW. Last Wednesday, the Illicit Tobacco Taskforce, a multi-agency task force led by the Australian Border Force, uncovered 26 hectares of tobacco crops in Kyalite, NSW. The ITTF seized and destroyed more than 183 tonnes of illicit tobacco, which had a potential excise value of $36 million. The NSW Natural […]
2 years ago
Outwardly, there’s little difference between oils. But when it comes to tax law and financial incentives to businesses to recycle oils and greases, just a pair of parentheses can mean millions of dollars. The federal Parliament has been forced into overhauling a pioneering piece of Howard government-era legislation after a Federal Court ruling that up-ended almost 20 years of accepted tax law. The Product Stewardship (Oil) Act was introduced in 2000 in a bid to […]