Fuel tax credit rates change regularly
It’s important to know the correct rate to apply on your business activity statement (BAS).
Multiple rates may apply to your BAS which is due in October 2022.
You must apply the rate in place on the date the fuel was acquired. The rates changed from 30 March, 1 July (biodiesel only), 1 August, and 29 September 2022.
You can find the current fuel tax credit rates at ato.gov.au/fueltaxcreditrates
The temporary reduction of fuel excise duty rates ended on 28 September 2022.
From 29 September 2022:
- increased fuel tax credit rates apply — you must only apply this increased rate to fuel acquired from this date
- if you are an eligible business that uses fuel in heavy vehicles for travelling on public roads, you can usually claim fuel tax credits. However, you cannot claim fuel for travelling on a public road between 30 March to 28 September 2022. This is because the road user charge exceeds the excise duty you’ll pay, which reduces the fuel tax credit rate to nil.
What you need to do
When calculating fuel tax credits remember:
- the easiest way to apply the correct rate is to use the ATO’s fuel tax credit calculator every time you make a claim. To use the calculator visit ato.gov.au/ftccalc
- you must keep accurate records to support any claims. Records need to show the type, date and quantity of fuel acquired for business activities. Find out more at ato.gov.au/ftc_records
- if you have used the wrong rates in a previous BAS, you can correct it on the next BAS. For more information, visit ato.gov.au/ftcerrors
For fuel tax credit and/or assistance with processing your BAS correctly, contact the friendly team at OBT Financial Group on 07 5462 2277.