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Changes to Fuel Tax Credit Rates

On 1 July, the fuel tax credit rate for heavy vehicles (such as buses, coaches and trucks) for travelling on public roads has decreased.

Further to this, On 1 August 2023, fuel tax credit rates increased in line with the fuel excise indexation. The ATO emphasised that all fuel tax credit applicants need to apply the new rates for fuel acquired from 1 August.

If your business claims less than $10,000 in the year you can use the rate that applies at the end of your BAS period to work out your claim.

To support this, the ATO has released a fuel tax credit calculator to help to apply the correct fuel tax. You can access this on the ATO website.

Reminder:  When claiming Fuel Tax Credits, you can only claim for certain business activities.  At no time can you claim Fuel Tax Credits for vehicles travelling on a public road which are less than 4.5t GVM, even if that vehicle is a business vehicle.

If you have any questions, reach out to EnVision Partners. We’ve got your back!

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