Fuel tax credit rates have increased
Fuel tax credit rates increased on 2 August 2021 in line with fuel excise indexation.
You may need to use different rates for fuel acquired before and after 2 August.
If you claim less than $10,000 in fuel tax credits per year, you can use simplified methods including:
- the rate that applies at the end of your BAS period
- the Basic method for heavy vehicles to calculate your claims if you use a heavy vehicle.
The next time you work out your fuel tax credits, remember to:
- check how your fuel is used
- check you’re using the right rate
- use simplified methods to make calculating your fuel tax credits easier
- check your calculations to ensure you haven’t over-claimed
- keep complete and accurate records to support your claim.
And if you have any queries please don’t hesitate to check with your expert STS Accountant.