Do you claim fuel tax credits for fuel you use in your heavy vehicle, farm equipment, or other machinery for your business?
When you’re working out your claim for your next business activity statement (BAS), don’t forget that rates increased on 5 February.
Simplify your fuel tax credit claim
Even though rates changed during the March quarterly BAS period, if you claim less than $10,000 in fuel tax credits each year you can calculate your claim using the increased rates that apply at the end of the period.
You can still use our easy fuel tax credit calculator with this method. Simply enter all of your fuel into the final rate period. The calculator will use the right rates to work out how much you should enter on your BAS.
There are more ways that you can simplify your fuel tax credit calculations and claims, including some that are available to all businesses no matter how much you claim.
Contact us on (02) 4344 7114 for more information.
Reproduced with the permission of the Australian Tax Office. This article was originally published on www.ato.gov.au/newsroom/smallbusiness/
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