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Fuel tax credits changes

Fuel tax credits changes

15 January 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 increased for fuel acquired from 10 November 2014.

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 on 1 February and 1 August each year in line with the consumer price index.

The ATO are encouraging anyone who has already lodged a BAS claiming fuel tax credits on fuel acquired after 10 November 2014 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.

You should note that some cashbook programs have not yet made software updates available, and when they do, you may need to change the setup to use the new rate.  

For updates and further details please refer to the ATO website here or contact your local Boyce Accountant.

Source: Australian Tax Office www.ato.gov.au

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