office@acchelpdesk.com.au Suite 306, 101 Overton Road, Williams Landing VIC 3027
Other Services
We provide other accounting services including Fuel Tax Credit (FTC), Superannuation Guarantee obligations, Fringe Benefits Tax (FBT) laws and managing any ATO audits or disputes.
Fuel Tax Credit (FTC)
In managing fuel intensive operations, organisations are facing the ongoing pressures of rising costs. The Fuel Tax Credit (FTC) enables organisations to mitigate some of the added financial strain that comes from the excise embedded in the price of fuel.

However, the complex and time-intensive process of claiming credits can be a burden on in-house resources and often results in under-claimed entitlements.

How we can help
Our FTC specialists adopt a methodical data-driven approach to understanding each client’s fuel tax management system, processes, and specific compliance requirements. Combined with our technology capability – a platform for commercial fleet analytics utilising advanced data science and automation – we create more reliable FTC outcomes.
Superannuation Guarantee obligations
In addition to employees’ salaries and wages, employers are required to pay superannuation contributions on behalf of all eligible employees. This compulsory contribution is called the superannuation guarantee. The definition of employee for this purpose includes certain contractors. The minimum contribution from 1 July 2014 is 9.5% of each eligible employee’s earnings base (usually their ordinary time earnings) and must be paid within 28 days after the end of each calendar quarter. Employers must also provide employees with a choice of superannuation fund.

The minimum contribution rate will remain at 9.5% until 30 June 2021. After that date, the rate will increase by 0.5% each financial year until it reaches 12% from 1 July 2025.

Employers are generally required to pay superannuation contributions for employees if they are:

  • Over the age of 18 (no upper age limit applies)
  • Paid $450 or more (before tax) in a calendar month.
If an employer fails to make the minimum contributions for a quarter by the due date, the employer is liable for the Superannuation Guarantee Charge (SGC). The SGC comprises the unpaid contributions calculated on a higher earnings base, plus an interest charge (which is credited to the employee’s superannuation account) and an administration fee. The employer cannot claim an income tax deduction for the SGC.

The Australian Taxation Office (ATO) provides the following tools to help you understand and meet your obligations:

  • Superannuation Guarantee Charge (SGC) statement and calculator – calculate the SGC liability and prepare the SGC statement.
  • Employee/contractor decision tool – determine whether new or existing workers are contractors or employees (for tax and super purposes)
  • Superannuation guarantee eligibility decision tool – see whether an employer needs to make super contributions for employees
  • Superannuation guarantee contributions calculator – calculate how much super an employee should be contributing for eligible workers.
Fringe Benefits Tax (FBT)
Fringe benefits in Australia refer to benefits provided by an employer to employees that differ from traditional wages or salaries. Examples of fringe benefits include provision of a car that is allowed for private usage by the employees or their family members. Employers are obligated to pay tax on these benefits, which involves self-assessing annually and lodging a dedicated fringe benefits tax return. At Lotus Smart, we have skilled fringe benefit tax accountants who can help you with filing forms correctly as well as claiming deductions or GST credits to which you’re entitled.
What We Can Do
The specialist accountants can assist employers with computing their fringe benefit tax to employees and preparing their annual fringe benefits tax return. You can rely on us to provide cost-effective advice on the various measures that can be used to minimise your FBT liability. Whether you’re reporting a salary sacrifice fringe benefit or something else, we can help.
ATO audits or disputes
Over the past few years, the ATO has been investing in more sophisticated, data-matching software. As a result, there has been a record number of tax audits and reviews. Lodgements are now cross-referenced against information from a wide range of government organisations, including Centrelink, WorkCover, Department of Transport, banks and other financial institutions. Should any of the information not match, the software will flag the return for investigation and a possible review or audit.

Although data-matching is the ATO’s biggest tool for triggering a review or audit, they can also be completely random. Your industry may just be on the ATO’s hit-list for that period. Whatever the case, it is important to remain proactive in managing the risk of an audit.

We provide the following services if you do get audited:

  • Communication with the ATO
  • Review of the accounts and ensure that they are low risk before ATO starts their review
  • Attending meeting with the ATO staff on behalf of our clients when required
Why choose us?
We specialise in ensuring all financial records accurately reflect the position of an individual or organisation. We make sure that all statements and records are compliant with Australian Accounting Standards or International Accounting Standards, Australian Charities and Not-for-profits Commission (ACNC) and the Australian Securities and Investments Commission (ASIC) where required. We also have regular training sessions for our staff to ensure that they are up to date with all the changes in taxation, Accounting Standards and other regulations.
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