Fuel tax credit rates are subject to frequent changes, impacting businesses that rely on fuel. Staying informed is crucial to ensure accurate claims in your Business Activity Statement (BAS) and for making adjustments or corrections to previous BAS filings.
Key Highlights:
Simplify your claims: Use the fuel tax credit calculator to easily determine the eligible amounts for your BAS or to calculate adjustments for prior statements.
Eligibility check: Ensure you're eligible to claim fuel tax credits by using the Australian Taxation Office (ATO) eligibility tool before filing.
Regular updates: Fuel tax credit rates are indexed in line with the Consumer Price Index (CPI) twice a year, in February and August. The next CPI update for rates takes effect on 5 February 2024, with an indexation factor of 1.018.
Temporary fuel excise duty reduction: From 30 March 2022 to 28 September 2022, the fuel excise duty was temporarily reduced, affecting credit rates for petrol, diesel, and other fuel products (excluding aviation fuels) during that period.
Additionally, fuel tax credit rates fluctuate based on the type of fuel used. For instance:
Road usage: Fuel used in heavy vehicles on public roads is impacted by changes in the road user charge.
Biodiesel (B100): Rates for biodiesel are adjusted annually and will continue to change until 1 July 2030.
Current and Past Fuel Tax Credit Rates:
Current rates: For the most recent fuel tax credit rates, refer to the period from 1 July 2024 to 4 August 2024.
Claim limits: Remember, you must claim your fuel tax credits within four years of the due date of the earliest BAS in which the claim could have been made. Failure to do so will result in losing eligibility for that claim.
Maintaining detailed and accurate records is essential to support all claims and adjustments. Proper documentation will help ensure compliance and streamline the claims process. Use the ATO’s fuel tax credit calculator to assess the amounts for up to four years prior.
Stay updated and maintain eligibility by regularly reviewing your fuel tax credit status and claims.
Contact Gordon Q.C Du& Associates
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