Excise Duty Refunds – What you need to know

Do you purchase on farm petrol? If you answer yes – are you claiming back your Excise tax?

Excise duty is a charge imposed by the government on certain items including petrol.  As of 1 July 2013 the payment increased by 3 cents per litre (the first of 3 rises planned over the next 3 years) bring the total payment on excise tax to 66 cents per litre before GST.

However in some cases the NZ Transport Agency can offer refunds on excise tax.  So what is an exempt vehicle? In general, agricultural vehicles, some mobile machinery and commercial vehicles that don’t travel on the road, are a classed as exempt vehicles.

So how do you apply? We can provide you with a quarterly report that can be either given to your accountant or you can personally complete and submit an MR70 form to The Excise Duty Officer (through the NZ Transport Agency Land Transport department) to claim your refund.

Is there really a benefit you may ask? If your property receives 4000L of petrol every year you could be entitled to a rebate of $2730.  Now that’s a sum well worth a little paper work.

Excise tax is claimed on a quarterly basis, and we can backdate this rebate for two years.  There is a 10% penalty for backdated claims however, but with a 60 cents plus rebate on offer per litre, and with the excise tax on petrol set to increase by another 3 cents per litre for the next two years you can’t really afford not to be claiming this back.

Download the form here

For more information on Excise Tax check out the NZ Transport Agency website link http://www.nzta.govt.nz/resources/factsheets/14/ or call us on 0800 99 99 89 to arrange your free regular report today!

Alternatively we have teamed up with Catalyst Fuel Refunds, who we can assist you with this process;

PrintCatalyst Fuel Refunds have made it their business to make processing your petrol refund as quick and easy as possible.  Registration is free, and they run a no refund, no fee policy. Their partnership with Southfuels means they can access all of your purchase information directly so that you don’t have to lift a finger hunting out old receipts.  Catalyst are our preferred petrol refund agent that we recommend to all our customers.

Catalyst Fuel Refunds have consultants that can come out and visit to complete your registration for a one off site visit fee of $149 + GST.  Give them a call on 0800 47 37 27 or visit www.fuelrefunds.co.nz to book your appointment.    There is no better time to sign up with Catalyst and find out what you could be owed today.