Small business owners who claim fuel tax credits for their next business activity statement (BAS) are being reminded that the rates increased on 5 February.
Although the rates changed during the March quarterly BAS period, if you claim less than $10,000 in fuel tax credits each year, your claim can be calculated using the increased rates that apply at the end of the period.
The Australian Taxation Office (ATO) has simplified fuel tax credit claims with their easy-to-use fuel tax credit calculator. All you need to do is enter your fuel into the final rate period. The calculator will use the correct rates to work out how much you should enter on your BAS.
The ATO has additional ways that you can simplify fuel tax credit calculations and claims on their website.