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Fuel tax credits – do you have the right rate?

Fuel tax credits – do you have the right rate?

30 July 2015

If you use fuel in your business you should know that there will be changes to the fuel tax credit rates effective 1 August 2015.

What this means for your business is that when calculating your fuel tax credit, you need to use the fuel tax credit rates that apply when you acquired the fuel.

Click here to see how these rates have changed.

The Australian Tax Office (ATO) has indicated that fuel tax credit rates are indexed twice a year in line with the CPI – generally on 1 February and 1 August.

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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