Fuel tax credit rates increased on 3 February
Understand the new rates and the importance of calculating claims correctly and keeping complete and accurate records.
Rates – business
Fuel tax credit rates change regularly. They are indexed twice a year, in February and August, in line with the consumer price index (CPI).
Rates may also change in July for fuel used in a heavy vehicle for travelling on public roads. This is due to changes to the road user charge, which is reviewed annually. In July, rates also change due to an annual increase in excise duty rates on biofuels.
Current fuel tax credit rates
- From 1 July 2019 to 30 June 2020 (includes rates from 5 August 2019 and 3 February 2020)
If you claim less than $10,000 in fuel tax credits in a year, there are simpler ways to record and calculate your claim. This includes using the rate that applies at the end of the BAS period.
Past fuel tax credit rates
There are time limits for claiming fuel tax credits, making adjustments and correcting errors – generally, you must claim or amend your claim within four years.
- From 1 July 2018 to 30 June 2019 (includes rates from 1 August 2018 and 4 February 2019)
- From 1 July 2017 to 30 June 2018 (includes rates from 1 August 2017 and 5 February 2018)
- From 1 July 2016 to 30 June 2017 (includes rates from 1 August 2016 and 1 February 2017)
- 1 July 2015 to 30 June 2016 (includes rates from 1 August 2015 and 1 February 2016)
Knowing your business position at any point in time is vital for you to ensure you remain on top of your obligations and on track for your goals. Our bookkeeping services are designed to save you time and take the pain out of getting everything together. Even better it’s done by qualified accountants who know their stuff!