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From 5 August 2024, fuel and petroleum excise duty rates will increase. You can find the new rates at ato.gov.au/fuelexciserates.
This increase in duty rates also increases the fuel tax credit rates applicable from 5 August 2024. The new duty rates are below, and can also be found on the ATO website at https://www.ato.gov.au/businesses-and-organisations/income-deductions-and-concessions/incentives-and-concessions/fuel-schemes/fuel-tax-credits-business/rates-business/from-1-july-2024-to-30-june-2025. The rate is applicable on the date you acquired the fuel.
Fuel tax credit rates are indexed twice a year, in February and August.
Please ensure you regularly check the ATO website to obtain the correct claim. The ATO also has a handy calculator available on their website.
If you have any questions or require further information please contact our office.