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Changes To Fuel Tax Credits

Changes to Fuel Tax Credits

Changes to Fuel Tax Credits

There are now simpler ways to keep your records and calculate fuel tax credits.

Do you claim less than $10,000 in fuel tax credits each year?

For the March 2016 BAS and onwards, you can:

›    use the rate that applies at the end of the BAS period

›    work out your litres based on the cost of the fuel purchased

Do you use heavy vehicles mainly off-public roads

The ATO created a list of heavy vehicles that they consider to be used mainly off public roads – for example, a tractor or backhoe loader. If your vehicle is on this list, you don’t need to apportion on and off-road travel when calculating fuel tax credits. For the March 2016 BAS and onwards you can claim all fuel used in this vehicle at the ’all other business uses’ rate – even if you sometimes drive it on a public road. To get the list go to Fuel tax credits – Heavy vehicles.

Remember, fuel tax credit rates increased on 1 February 2016.

As always, we are here to help. Give us a call anytime on (02) 4962 2022 if you’d like to know how the changes to the fuel tax credits system affects you.

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