On 1 July 2023, the fuel tax credit rate for heavy vehicles (such as buses, coaches and trucks) for travelling on public roads decreased because of the increase in the road user charge. On 1 August 2023, fuel tax credit rates increased in line with the fuel excise indexation. All fuel tax credit claimants need to apply the new rates for fuel acquired from 1 August.
To make it easier, 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.
The ATO provides a fuel tax credit calculator on its website, or talk to your tax adviser.
Read our complete September 2023 Business Newsletter here.