Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025 (72 of 2025)

Schedule 4   Minor and technical amendments

Part 2   Amendments commencing first day of next quarter

Division 2   Tax credits

Fuel Tax Act 2006

40   Subsection 65-5(4)

Repeal the subsection (including the note), substitute:

Fuel tax credits not taken into account in assessments

(4) Subsections (5) and (6) apply to a fuel tax credit to the extent that:

(a) the fuel tax credit would otherwise be attributable to a particular *tax period or *fuel tax return period; and

(b) the fuel tax credit has not been taken into account in an *assessment of a *net fuel amount of yours for that period.

Note: For another attribution rule for fuel tax credits, see subsection 46-5(4) (GST instalment taxpayers).

(5) To the extent this subsection applies to the fuel tax credit, you may, by notifying the Commissioner in the *approved form, elect for:

(a) the fuel tax credit not to be attributable to that *tax period or *fuel tax return period; and

(b) the fuel tax credit to be attributable to a later specified tax period or fuel tax return period.

Note: Division 47 may provide a time limit on your entitlement to a fuel tax credit.

(6) You cannot revoke or amend an election you make under subsection (5).