Hi there lopresti,
It's always nice seeing new folks here in the Community, welcome aboard! Let's get the Fuel Tax Credit account set up.
Before adding this to your Chart of Accounts, make sure you've turned on Fuel Tax Credit from the GST Centre. Once you're all set, follow these easy steps:
- Go to the Gear icon and choose Chart of Accounts.
- At the top-right corner, click New.
- In the Category type, choose Expenses.
- Choose Auto for the Detail Type. This is where you usually track costs associated with vehicles.
- Fill in the rest of the fields. You can choose the Default GST Code from here.
- Click Save and Close when you're done.
If you're not entirely sure what's best for you and your business, it's best to consult with an accountant.
You may also want to refer to this article about fuel tax credit published by the Australian Taxation Office: https://www.ato.gov.au/business/fuel-schemes/fuel-tax-credits---business/
Drop me a quick reply if there's anything else I can help you with. Cheers!
