Fuel tax credit rates increased on 5 August, so don’t forget to use the new rates when you calculate your claim on your next business activity statement (BAS).
Claim less than $10,000 in fuel tax credits per year?
Why not use our simplified method. Just use the rate that applies at the end of the BAS period when you work out your claim.
You can now do this via our refreshed fuel tax credit calculator by clicking ‘Calculate my claim using simplified fuel tax credits’.
Also, make sure you:
- include fuel tax credits in your business tax return as they are assessable income
- keep accurate business records to help you apportion for the fuel you use – remember, different rates can apply depending on the activity the fuel is used for.
Next steps:
- Check out the updated rates – business
- Use the Fuel tax credit calculator
Find out about:
Source: ATO Small Business News Room
1 October 2019.
Contact your working professional at Coffs Coast Consulting should you require assistance to complete your BAS.
