Fuel tax credit rates have increased
20 April 2015
Do you use fuel in your business? If so, you should know that there have been changes to the fuel tax credit rates. Fuel tax credit rates have increased for eligible fuel acquired from 2 February 2015, due to a rise in the consumer price index (CPI).
What this means for your business is that when calculating your fuel tax credit, you need to use the fuel tax credit rate that applied when you acquired the fuel.
Click here to see how these rates have changed.
The Australian Tax Office (ATO) has indicated that the fuel tax credit rates will be indexed twice a year in line with the CPI – generally on 1 February and 1 August.
The ATO are encouraging anyone who has already lodged a BAS claiming fuel tax credits on fuel acquired after 2 February 2015 using the old rates to amend it, as they will probably be entitled to more fuel tax credits. The other option is to make any adjustments required when you lodge your next BAS.
For updates and further details please refer to the ATO website here or contact your local Boyce Accountant.
Source: Australian Tax Office http://www.ato.gov.au