Fuel tax credits - are you missing out?

Ever wondered what the Fuel tax credit label is on the BAS? Are you missing out?

Put simply, if you use fuel for your business and you are registered for GST and completing a BAS, you may be eligible for a credit for the fuel you’ve purchased for business use. For example, if you use machinery, mowers, chainsaws, pumps, heavy vehicles (over 4.5 tonne) or light vehicles like a one-tonne ute travelling off public roads, you may be able to claim a credit for the fuel used. Fuel for normal road driving is not included.

Didn’t know about this? Haven’t been claiming? You must be registered for fuel tax credits with the ATO to claim, but the good news is that the ATO allows four years in which to make a claim. This means you can retrospectively claim the last four years provided you meet the eligibility criteria. The credit is claimed as part of your BAS and is based on the litres of fuel used for business.

Need help with your BAS and claiming fuel tax credits?

Contact SmallBiz Tax

Ph: 0438-725-197

www.smallbiztax.com.au