Important Fuel Tax Credit Rate Changes

Important Fuel Tax Credit Rate Changes

Message From The ATO

Please note the temporary reduction in fuel excise and excise equivalent customs duty rates ends on 28 September 2022.


From 29 September:

• increased fuel tax credit rates will apply. Eligible businesses must apply the applicable fuel tax credit rate based on the date the fuel was acquired.
• eligible businesses that use fuel in heavy vehicles for travelling on public roads can claimfuel tax credits for fuel acquired. They cannot claim between 30 March to 28 September 2022 because the road user charge exceeds the excise duty paid, reducing the fuel tax credit rate to nil
• the road user charge for liquid fuels will increase to 27.2 cents per litre. This means the fuel tax credit rate for liquid fuels used in heavy vehicles for travelling on public roads will change to 18.8 cents per litre.

Other changes to fuel tax credit rates occurred on 30 March, 1 July (biodiesel only) and 1 August.

For the latest fuel tax credit rates visit ato.gov.au/fueltaxcreditrates

Businesses should keep accurate records to support their claims. Records need to show the type, date, and quantity of fuel acquired for business activities. Find out more at ato.gov.au/ftc_records

For further information...

This Wednesday the 21st of September at 11:00am, NatRoad is hosting a webinar on the Fuel Tax Credits presented by Chris Sant & Jordan Lo Russo from Ryan.

Chris Sant, Principal and Fuel Tax Leader – Chris leads Ryan’s Australian Fuel Tax Credit practice and has over 12 years of experience in advising clients across various sectors, including being part of the team that ran the ‘Linfox case’ which changed the FTC landscape for all taxpayers. Chris works collaboratively with the ATO to resolve disputes. Chris previously worked in the “Big 4” and sits on the ATO’s Fuel Schemes Advisory Forum.

Jordan Lo Russo, Senior Manager of Indirect Tax – Jordan has over 5 years of expertise in the areas of Fuel Tax Credits and GST. Prior to joining Ryan, Jordan worked for a “Big 4” firm and was on secondment at one of the largest Government fuel users in the country, where he redesigned its entire FTC claiming process. His knowledge and experience is of immense value to clients as he helps develop new and innovative solutions.

To register, click here.