The excise and excise equivalent customs duty rates have halved for petrol, diesel, and all other petroleum-based products except aviation fuels. This temporary reduction is in place for 6 months, and applies from 30 March until 28 September 2022.
Here’s what you need to know when claiming fuel tax credits on your business activity statement (BAS):
Rates changed on 1 February and 30 March. If you lodge quarterly, 3 different rates may apply to your BAS, which is due on 28 April. Rates are based on when the fuel was acquired.
The ATO fuel tax credit calculator makes it easier for you to apply the right rates.
In this 6-month period, businesses using fuel in heavy vehicles for travelling on public roads won’t be able to claim fuel tax credits. This is because the road user charge exceeds the excise duty you’ll pay, and this reduces the fuel tax credit rate to nil.
It’s important to keep accurate records to support your claims. These records need to show the type, date and quantity of fuel acquired for business activities.
Remember, registered tax agents and BAS agents can help you calculate your fuel tax credit claim and lodge your BAS.