Fuel tax credit rate increase on 3 Feb

Feb10

Fuel tax credit rate increase on 3 Feb

Flor- Hanly - Monday, February 10, 2020

Fuel tax credit rates change regularly

They are indexed twice a year, in February and August, in line with the consumer price index (CPI).

fuelRates 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.

Current fuel tax credit rates

From 1 July 2019 to 30 June 2020 (includes rates from 5 August 2019 and 3 February 2020). If you claim less than $10,000 in fuel tax credits in a year, there are simpler ways to record and calculate your claim. This includes using the rate that applies at the end of the BAS period.

Past fuel tax credit rates

There are time limits for claiming fuel tax credits, making adjustments and correcting errors – generally, you must claim or amend your claim within four years.

Visit the ATO website for more information about past fuel tax credit rates. Flor-Hanly Commercial and Agribusiness Accountants in Mackay QLD are tax specialists and Certified Xero Partners. Call us on 07 4963 4800.



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