The Australian Taxation Office (ATO) has announced changes to Fuel Tax Credit rates, effective from 1 July and again on 5 August.
Fuel Tax Credits provide businesses with a rebate for the fuel tax (excise or customs duty) included in the price of fuel used in machinery, plant, equipment, heavy vehicles, and light vehicles operating off public roads or on private roads.
Given that different rates apply depending on when the fuel was acquired, it’s important to ensure you’re using the correct rates when calculating your claim.
The ATO’s Fuel Tax Credit calculator is the most efficient way to determine what you can claim on your Business Activity Statement (BAS).
Simply input a few details — such as your BAS cycle, fuel type, and quantity — and the calculator will generate the correct amounts to record on your BAS.
Keep in mind that there are time limits for claiming Fuel Tax Credits, making adjustments, or correcting errors.
You must claim your Fuel Tax Credits within four years of the due date of the earliest BAS in which you could have made the claim.
Failure to do so means you’ll no longer be eligible to claim those credits.
For more detailed information, visit the ATO website at ato.gov.au/fueltaxcreditrates
