AITS provide advice and assistance to business throughout Australia to ensure that entities are receiving their correct entitlement to Fuel Tax Credits for which they are eligible to receive.
There are ongoing changes to the conditions of claiming Fuel Tax Credits. These changes are not always legislatively based and can be administratively based. They are often outlined in ATO Interpretive Decisions, Fuel Tax Rulings and Practice Statements. The information is not always promulgated to the taxpayer.
As such, the taxpayer often does not have the knowledge of the changes and could be missing out on Fuel Tax credits which they are entitled to.
In most cases, the preparation of a Fuel Tax Credit claim does not form part of the core business of the taxpayer and may be handed from staff member to staff member who follows the preceding incumbents’ method of preparation of the claim. This often copies any mistakes that are made and carries these on until a review of the claims is conducted.
In conducting a review AITS completes the following process:
- The first action is to peruse a claim prepared by the client. This results identification of anomalies.
- The next action is to refer the findings to the client with a recommendation that a review be conducted if the result of the perusal of the claim warrants such a review.
- If the client decides to proceed with a review, a Letter of Engagement is completed.
- AITS conduct a thorough review of all claims prepared going back over a four year period and calculates any additional claim which the client is entitled to. During this process AITS attends the office of the client and extracts the information directly from the client’s records. By AITS doing this staff downtime is reduced as they are not directing their efforts towards compiling information for AITS.
- AITS conducts interviews with the appropriate staff members whom would have the knowledge of the use the client’s plant and vehicles. This ensures that all eligible plant is identified and maximum credits are claimed.
- Once the claim has been completed, AITS conducts an exit interview to discuss the results of the claim and provide the necessary tools and templates to the relevant staff member to ensure that claims are maximised going forward.
AITS charges for its services on a success fee basis.
Importantly, if additional credits are not found then there is no fee applicable.
If missed retrospective credits are found the fee is 25% (plus GST) of the amount representing the missed credits.
This fee covers all costs and is fixed. Importantly there are no ongoing fees charged and AITS covers its own costs for conducting the review (i.e. no out of pocket expense charges).
If the ATO decides to carry out an audit on the claim prepared by AITS, then AITS will handle the audit on behalf of the client and keep the client informed of the progress of the audit. This service is also included in the 25% success fee.
AITS provides ongoing advice to the client at no additional cost after a review has been conducted.