What are fuel tax credits?

 

Do you use fuel in your business? Did you know that fuel tax credit rates increased on the 1st of August 2015?

Fuel tax credits can be claimed by businesses for the fuel tax (excise or customs duty) included in the price of fuel used in most of their business activities.

The amount of credit you can claim depends on when you acquired the fuel, the type of fuel you use and the activity you are using the fuel for.

The Fuel tax credit rate is adjusted every February and August in line with the consumer price index, so you should check the rates each time you do your Business activity statement (BAS).

It’s possible to have more than one rate in a BAS period, to check the fuel tax credit rates, head to the Australian Taxation Office (ATO) website.

Another useful tool is the ATO’s Fuel tax credit calculator, which is a free tool that can help you to work out your fuel tax credits. It’s quick and easy to use.

The Small Business Centre Bunbury Wellington is known as the go to group for business advice in the South West region. As well as providing expert advice for new and existing businesses, they also host events and workshops to help build new skills within the business community.

If you would like more information about claiming fuel tax credits, please call 0897 912666 or Email admin@sbcbw.asn.au and a business advisor will contact you to arrange an appointment.