Fuel Tax Credit Changes 2022
If your business uses fuel, you may be able to claim credits on your Business Activity Statement (BAS) for the fuel tax included in the price of the fuel you use.
You can claim for taxable fuel that you purchase, manufacture or import, for business activities in:
- Machinery.
- Plant.
- Equipment.
- Heavy vehicles over 4.5 tonnes.
- Light vehicles travelling on private roads.
Budget Changes
As part of the 2022-23 Budget, 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) for 6 months from 30 March 2022 until 28 September 2022. This has caused a reduction in fuel tax credit rates.
For six months, businesses using fuel in heavy vehicles on public roads can’t claim fuel tax credits for that use. The road user charge currently exceeds the excise duty payable. As a result, the fuel tax credit rate is reduced to zero.
If this doesn’t apply to you and you can still claim fuel tax credits, you can use the following to calculate your credits:
- Fuel tax credit calculator.
- Australian Taxation Office (ATO) app (for small business owners).
The table below shows the new rates (in cents per litre) on fuel acquired from 30 March 2022 to 30 June 2022.
You should ensure you’re registered for Goods and Services Tax (GST) and fuel tax credits, so you can claim your credits. If you aren’t registered, click here!
Make sure you get professional advice when claiming fuel tax credits from your Aintree Group adviser. You can also save some time by having us lodge your BAS on your behalf.
If you need to talk to someone about your Fuel Tax Credits, please contact your Aintree Group advisor directly, or call 03 9851 7999.
This is general advice only and has not been prepared with your situation and needs in mind. For individual and personalised advice, we highly recommend that you seek out proper professional advice from your accountant.
