News
Are You Eligible for Fuel Tax Credits?
As the time to lodge your Business Activity Statement (BAS) approaches, it’s important to check if you can claim fuel tax credits.
If you’re registered for GST and fuel tax credits, you can claim credits for the excise duty paid on fuel used in eligible business activities, including:
- Machinery, plant, and equipment
- Light vehicles travelling on private roads or off public roads (note that fuel used on public roads is not claimable)
- Heavy vehicles
Be mindful to only claim eligible fuels. For example, diesel exhaust fluids (such as AdBlue or other additives) are not taxable fuels and do not attract excise duty, so you cannot claim credits for them.
It’s essential to keep accurate records to support your claims and to ensure you’re only claiming the fuel tax credits you’re entitled to. Your TaxAssist Accountant can help you with:
- Navigating the fuel tax credit process
- Ensuring compliance with current rates and regulations
- Maintaining proper records to substantiate your claims
If you need extra time to pay your quarterly BAS, speak to us as we can negotiate with the ATO for payment plans and extensions on your behalf.
For further assistance with your fuel tax credits or any BAS-related enquiries, don’t hesitate to reach out.
Call us at 1300 513 332 and book a free 20-minute consultation today!
Date published 29 Oct 2024
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our multiple locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.