From the 30th of March the Australian Taxation Office (ATO) have reduced Fuel Tax Credit rates
The Government has temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel, and all other petroleum-based products (except aviation fuels) to offer temporary relief on the current fuel prices.
This applies from 30th of March 2022 to 28th of September 2022.
Business road users that will be affected the most will be those that use fuel in heavy vehicles for travelling on public roads. This is because the Fuel Tax Credit Rate has been reduced to nil.
When completing your Fuel Tax Credit calculation for your next BAS, please be mindful of the rate changes. The ATO Fuel Tax Credit Calculator is a great tool, which will ensure you stay up to date with all the current rates. The calculation should be based on when the fuel was acquired (to match the fuel excise included).
It's important to keep accurate records to support your claims. Records should support the type, date and quantity of fuel acquired for business activities.
If you have been using the simplified method to calculate your Fuel Tax Credit, or have any questions regarding the new rates, then you should talk to your Murray Nankivell advisor to determine your precise entitlement.
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