Fuel Tax Credit Changes

HomeInsights

Fuel Tax Credit Changes

The Australian Government temporarily halved the excise and excise equivalent customs duty rates for petrol, diesel and all other petroleum-based products (except aviation fuels) for 6 months from 30 March 2022 until 28 September 2022. This has caused a reduction in fuel tax credit rates.


During this 6 months period, businesses using fuel in heavy vehicles for travelling on public roads won't be able to claim fuel tax credits for fuel used for this purpose. This is because the road user charge exceeds the excise duty payable, and this reduces the fuel tax credit rate to nil.


You can find the ATO’s updated fuel tax credit rates that apply for the period from 30 March 2022 to 30 June 2022 here. The ATO’s fuel tax credit calculator has been updated to apply the current rates.



QUESTIONS? GET IN TOUCH QUESTIONS? GET IN TOUCH




14 Sep

THE WOMAN SERIES // Estate Planning - Peace Of Mind With The End In Mind

ONLINE Webinar: Estate Planning: Peace of mind with the end in mind
14 September 2022 // 1:00pm - 2:00pm 


READ MORE READ MORE
10 Aug

FBT-Free Electric Cars

New legislation before Parliament, if enacted, will make zero or low emission vehicles FBT-free. We explore who can access the concession and how. 


READ MORE READ MORE
10 Aug

It’s Not Easy Being Green

Climate change featured heavily during the election and now the Albanese Government is putting into place some of the promises it made. We look at the current state of play and the likely impact.


READ MORE READ MORE
10 Aug

How high will interest rates go?

The RBA lifted the cash rate to 1.85% in early August 2022. With interest rates rising, what can we expect?


READ MORE READ MORE
10 Aug

Can I claim my crypto losses?

The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return.


READ MORE READ MORE
10 Aug

THE WOMAN SERIES // Insurance Stripped Bare

ONLINE Webinar: Insurance Stripped Bare - What you really need to protect your assets
10 August 2022 // 1:00pm - 2:00pm 


READ MORE READ MORE


Related News

10 Aug

FBT-Free Electric Cars

New legislation before Parliament, if enacted, will make zero or low emission vehicles FBT-free. We explore who can access the concession and how. 


READ MORE READ MORE
10 Aug

It’s Not Easy Being Green

Climate change featured heavily during the election and now the Albanese Government is putting into place some of the promises it made. We look at the current state of play and the likely impact.


READ MORE READ MORE
10 Aug

How high will interest rates go?

The RBA lifted the cash rate to 1.85% in early August 2022. With interest rates rising, what can we expect?


READ MORE READ MORE