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Federal Budget 2022 - Key Points for the Transport Industry

The Federal Government handed down their 2022-23 budget this week. With the cost of living and post-pandemic recovery a key focus for the country as a whole, a range of initiatives relevant to the transport industry were also announced. Our partners at the Australian Trucking Association compiled the most relevant points to consider as we move through 2022.

Fuel Tax

The 2022-23 budget announced a 22.1 cents per litre reduction in fuel duty. It was halved from 44.2 cents per litre to 22.1 cents per litre. The reduction in fuel duty took effect at 12.01am on Wednesday 30 March 2022. It will end at 11.59am on 28 September 2022. 

In relation to their on-road fuel use, the effective reduction for trucking businesses is 4.3 cents per litre not 22.1 cents per litre. This is because trucking businesses paid an effective fuel duty rate of 26.4 cents per litre. This rate, the road user charge, is set by the government and determines the fuel tax credits that trucking businesses normally receive. 

Trucking businesses will not receive fuel tax credits for their on-road fuel use during the period of the temporary reduction. Instead, trucking businesses will pay fuel duty at 22.1 cents per litre, which is 4.3 cents per litre less than the road user charge. Trucking businesses will need to consider the cashflow implications of paying fuel duty at a lower rate rather than receiving a fuel tax credit on their monthly or quarterly BAS. Trucking businesses will still be able to claim fuel tax credits for their off-road/auxiliary fuel use, but the claim will be at 22.1 cents per litre.

Technology and Investment Boost

Small businesses with an annual turnover of less than $50 million will be able to deduct an additional 20 per cent of the cost incurred on business expenses and depreciating assets that support their digital adoption, such as portable payment devices, cyber security systems or subscriptions to cloud- based services. 

Expenditure of up to $100,000 per year will be eligible. The boost will apply to expenditure incurred from 7.30pm on 29 March 2022 until 30 June 2023.  

Skills and Training Boost

Small businesses with annual turnover of less than $50 million will have access to a new bonus 20 per cent deduction for the cost of external training courses delivered to their employees by Australian providers. 

The deduction will apply to expenditure incurred from 7.30pm on 29 March 2022 until 30 June 2024.

Transport Infrastructure Spending

The Budget includes $17.9 billion for new and existing transport infrastructure projects, increasing the 10-year infrastructure pipeline to over $120 billion. Follow the links below to learn more about infrastructure projects in each state:

Queensland projects 

Northern Territory projects 

Western Australia projects 

South Australia projects 

Victoria projects 

New South Wales projects 

Tasmania projects 

ACT projects

DISCLAIMER: The Australian Trucking Association has prepared this fact sheet with due care, but our understanding of the Budget measures may change as more information becomes available. In addition, many Budget measures need to be passed by Parliament. The fact sheet is intended for general information only and may not apply to your business circumstances. You should get appropriate professional advice before acting on the information in this sheet.

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