Fuel Tax Credit
Fuel tax credits provide you with a credit for the fuel tax included in the price of fuel you use for your business activities.
You're able to claim tax fuel credits for business activities in: machinery. plant. equipment. Fuel schemes provide credits and grants to reduce the costs of some fuels or to provide a benefit to encourage the recycling of waste oils. Fuel tax credit rates change regularly.
They are indexed twice a year, in February and August, in line with the consumer price index (CPI). Rates may also change in July for fuel used in a heavy vehicle for travelling on public roads. This is due to changes to the road user charge, which is reviewed annually. In July, rates also change due to an annual increase in excise duty rates on biofuels.
To find out more about how you can benefit from Fuel Tax Credits, contact us today.
Advice provided by Peter Vickers Insurance Brokers Pty Ltd trading as Peter Vickers Investment Services
Australian Credit Licence and Australian Financial Services Licence Number 229302
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