• Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Penalties and interest charges

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    You may be liable for a penalty if you claim more fuel tax credits than you are eligible for. You may also have to pay a general interest charge (GIC), which will be worked out from either the due date of the BAS on which you made the over- claim, or the BAS to which the adjustment relates.

    Penalties and the GIC may apply in either of the following circumstances:

    • you are correcting an error that reduces your entitlement to fuel tax credits and (as a consequence of not meeting the value and time limits) the correction must be made by revising the BAS in which the mistake occurred
    • you became aware of an adjustment that reduces your entitlement to fuel tax credits and you did not adjust the BAS for the tax period in which you became aware of that adjustment.

    If we conduct an audit or review and as a result you must repay over-claimed fuel tax credits, the GIC will apply and you may have to pay a penalty. You can claim GIC as a deduction on your business’s income tax return.

    Attention

    If you receive an overpayment of fuel tax credits, the overpaid amount should be treated as tax that is due – this means that you must repay the overpayment, plus any penalties and the GIC owing from the date of the overpayment.

    End of attention
      Last modified: 19 Sep 2014QC 41272