calculate your fuel tax credits

Do you claim fuel tax credits for your business?

If so, you'll be pleased to know that the Australian Taxation Office (ATO) has introduced simpler ways to keep records and calculate your fuel tax credit claims!

Claims of less than $10,000

If you claim less than $10,000 in fuel tax credits each year, you can now take advantage of any of the following simplified methods:

1. When fuel tax credit rates change in a Business Activity Statement (BAS) period, you can now simply use the rate that applies at the end of that BAS period.

2. To work out the total litres of fuel for your claim, you can use the total cost of the fuel you purchased in the BAS period, and divide it by the average price of the fuel for that period.

The above new methods can be used for your March 2016 BAS and onwards. There's no need to advise the ATO that you're using the new methods, just make sure to keep the records that support your claim for five years.

You can also use a range of documents (such as a bank statement) to support your fuel tax credit claims for all your past and future BAS. This means you don't have to rely solely on fuel receipts anymore.

To find out more about the simpler ways to record and calculate your fuel tax credits, visit the Simplified fuel tax credits page on the ATO website.

Heavy vehicles used mainly off public roads

Do you use a heavy vehicle off public roads?

The ATO has now created a list of heavy vehicles considered to be used off public roads (for example, a tractor or backhoe).

If your vehicle type is on this list, from your March BAS and onwards you can claim all fuel used at the 'all other business uses' rate, even if you sometimes drive the vehicle on a public road.

To view the list, go to the Heavy vehicles page on the ATO website.

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