13
Feb 2019
Fuel tax credit rates have increased
Fuel tax credit rates change regularly. They are indexed twice a year (in February and August), in line with the consumer price index (CPI).
Rates may also change in July for fuel used in a heavy vehicle for travelling on public roads. This is due to changes to the road user charge, which is reviewed annually. In July, rates also change due to an annual increase in excise duty rates on biofuels.
Rates for fuel acquired from 4 February 2019 to 30 June 2019
| Eligible fuel type | Unit | Used in heavy vehicles for travelling on public roads | All other business uses (including to power auxiliary equipment of a heavy vehicle) |
|---|---|---|---|
| Liquid fuels, for example diesel or petrol |
cents per litre |
15.8 |
41.6 |
| Blended fuels: B5, B20, E10 |
cents per litre |
15.8 |
41.6 |
| Liquefied petroleum gas (LPG) (duty paid) |
cents per litre |
0.0 |
13.6 |
| Liquefied natural gas (LNG) or compressed natural gas (CNG) (duty paid) |
cents per kilogram |
0.0 |
28.5 |
| Blended fuel: E85 |
cents per litre |
0.0 |
13.210 |
| B100 |
cents per litre |
0.0 |
4.2 |
If you claim less than $10,000 in fuel tax credits per year, next time you calculate your claim just use the rate that applies at the end of that BAS period.
You can also use the ATO’s simplified record keeping methods, making it easier to keep accurate records to calculate and support your claims. Keeping on top of your record keeping will give you an accurate picture of how your business is going.
Remember, registered tax agents and BAS agents such as those here at Business Wise, can help you with your tax.
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