Australia halves fuel excise; Victoria and Tasmania offer free public transport

Change
Australia cut the national fuel excise by 26.3 cents per litre for three months, and Victoria and Tasmania implemented free public transport (Victoria for April; Tasmania until the end of June).
Why it matters
Retailers and fuel-tax accounting teams must reconfigure point-of-sale pricing, pump displays and excise remittance procedures to reflect the temporary lower rate. Public transport ticketing and revenue teams in Victoria and Tasmania must suspend fare collection and adjust validation and revenue-processing systems for their respective free-travel windows.
Australia halves fuel excise; Victoria and Tasmania offer free public transport
Implications
  • Fuel retailers' point-of-sale and tax accounting teams must update pump price displays, tills and excise remittance schedules to apply the 26.3 cents-per-litre reduction to avoid incorrect tax reporting.

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Source

BBC

Topics

Economy Oil & Gas

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