FUEL TAX CREDITS INCREASE & RECORDS YOU NEED TO KEEP
Fuel tax credit rates increased on 5 August, so don’t forget to use the new rates when you calculate your claim on your next business activity statement (BAS).
Claim less than $10,000 in fuel tax credits per year?
Why not use the simplified method. Just use the rate that applies at the end of the BAS period when you work out your claim. You can now do this via the ATO refreshed fuel tax credit calculator by clicking ‘Calculate my claim using simplified fuel tax credits’.
Also, make sure you:
- include fuel tax credits in your business tax return as they are assessable income
- keep accurate business records to help you apportion for the fuel you use – remember, different rates can apply depending on the activity the fuel is used for
Click here to use the ATO Fuel Tax Calculator:
Records you need to keep:
|To work out your fuel tax credits accurately and support your claims, you need to keep complete and accurate records. Keep records as soon as you start your business activity to help you calculate and claim correctly.|
- show the amount of fuel acquired and used in your business and calculations
- be in writing, either electronically or on paper
- be kept for five years, although some records need to be kept longer.
Give us a call on 5366 1000 if you would like more information on any of these topics