Fuel tax credit rates increased on 3 February in line with fuel excise indexation.
If you claim less than $10,000 in fuel tax credits per year, next time you calculate your claim just use the rate that applies at the end of that BAS period.
Remember, from 1 November 2019 fuel tax credits for fuel used to power passenger air-conditioning units of heavy vehicles, like buses and coaches, must be claimed at the rate for ‘heavy vehicles for travelling on public roads’. For fuel acquired before 1 November 2019, you can use the ‘all other business uses’ rate.
Quarterly BAS lodgers may need to use different rates in their December BAS for fuel acquired before and after 1 November.
Should you have any queries, please do not hesitate to contact Torquing Numbers on 8538 7266 and we will be more than happy to assist you.