Are you making the most of fuel tax credits on your BAS?

Fuel tax credit rates changed on the 1 July for heavy vehicles travelling on public roads, due to the increase in the road user charge. It changed again on 5 August due to the fuel excise indexation.

This means that different rates apply based on when you acquired fuel, so you need to make sure you use the correct rates when you claim fuel tax credits on your business activity statement (BAS).

Here are some tips to help you get it right:

Tip 1:

If you don’t already claim fuel tax credits, you can check to see if you’re eligible to claim on the ATO website here.

To make a claim, the ATO require you to already be registered for GST and fuel tax credits. You can only claim for eligible fuels you acquired, manufactured or imported and used in your business.

Tip 2:

Use the ATO online calculator or speak to your local TaxAssist Accountant, who can work out the amount to report on your BAS, based on the date you acquired the fuel and fuel type and any changes or corrections for a previous BAS.

Tip 3:

Lodge via a BAS agent – such as TaxAssist Accountants - this could give you extra time to lodge and pay.

Tip 4:

Keep good records to support your claim.

How we can help

TaxAssist Accountants can help you to prepare your BAS Return; either from your own bookkeeping records or we can take care of your record keeping and the BAS Return.

We will also try to ensure that you claim as much GST as possible; particularly on contentious items such as mixed-use expenditure and motor running costs. Give us a call today to find out more.

Date published 16 Aug 2024 | Last updated 16 Aug 2024