The fuel tax credit scheme plays a vital role in sustaining the production of goods and services in regional Australia by providing a credit for the tax included in the price of fuel.
From 2 February 2015 fuel tax credit rates increased due to a rise in the ATO’s Consumer Price Index (CPI). If you lodged a BAS claiming credits on fuel acquired after that date then you are entitled to more credits. For businesses this means using the rate that was applicable when the fuel was acquired when calculating fuel tax credits, including fuel used in heavy vehicles.
Since the fuel tax credit rate is indexed twice a year in line with the CPI, the ATO recommends businesses check the rates online and claim for eligible fuels at the right fuel tax credit rate for the right period. Businesses have up to four years to claim their credits.
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Our accountants can help with your fuel tax credit questions so give the office a call today!