The ATO’s fuel tax credit calculator helps you to apply the correct fuel tax credit rates when preparing your BAS.
Rates change regularly, so make sure you’re using the correct rates for the correct dates you acquired fuel.
- On 1 July, the fuel tax credit rate for heavy vehicles (such as buses, coaches, and trucks) for travelling on public roads decreased because of the increase in the road user charge.
- On 1 August, fuel tax credit rates increased in line with the fuel excise indexation. All fuel tax credit claimants need to apply the new rates for fuel acquired from 1 August.
To make it easier, if your business claims less than $10,000 in the year you can use the rate that applies at the end of your BAS period to work out your claim.
To make accurate claims and get fuel tax credits right on your BAS:
- use the fuel tax credit calculator as it has the latest rates included
- remember the records you need to keep
- consider time limits on correcting errors and mistakes.
Remember, the team at Paris Financial is here to help you with your tax. Contact us today!
Source: ATO Newsroom