Fuel tax credit rates increased on 4 February, so make sure you use the new rates to calculate your claims on your next business activity statement (BAS).

Fuel tax credits have increased

If you claim less than $10,000 in fuel tax credits each year, you can use the rate that applies at the end of the BAS period. This simplified method will make it easier to calculate your claim.

You can also use the ATO fuel tax credit calculator, it’s easy to use and applies the right rates, even if they change during the BAS period. You can also save a copy of the calculations for your records.

Record keeping

Keeping accurate business records will help you claim all the fuel tax credits you are entitled to and support your claims. Check out the ATO record keeping guide as it provides examples of the records you need to keep.

Source ATO