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There are some updates to the rates for claiming fuel tax credits that small business owners should be aware of:
Fuel tax credit rates:
* Changed on 1 July for heavy vehicles travelling on public roads, due to the increase in the road user charge
* Changed again on 5 August due to the fuel excise indexation
Different rates apply based on when you get fuel, so you must ensure you use the correct rates when you claim fuel tax credits on your business activity statement.
To find out if you’re eligible to claim, visit the link below:
https://www.ato.gov.au/businesses-and-organisations/income-deductions-and-concessions/incentives-and-concessions/fuel-schemes/fuel-tax-credits-business/eligibility
#accountant #tax #business
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