10 February 2021
There is now a simpler way to calculate your fuel tax credits for diesel used in heavy vehicles. If you claim less than $10,000 each year, you can use the new basic method for heavy vehicles.
The method makes it easier to work out your on and off public road use.
As the rate for travel off public roads is higher, you'll get more fuel tax credits if you calculate your off public road use correctly.
Travel off public roads includes when you’re idling, loading or unloading your heavy vehicle in warehouses, depots or car parks.
To use the method, all you need is the distance you've travelled and the amount of eligible diesel you've acquired for use in the heavy vehicle for the tax period.
Fuel tax credit rates increased on 1 February in line with fuel excise indexation.
Remember, registered tax agents and BAS agents can help you with your tax.
Related news items
Quick BAS tips for your small business.
Don’t let your business get caught up with organised crime.
Do you know when you can and can't claim GST credits? Our tips can help.