Fuel Tax Credit Rate Increase 1 Feb 2022.

Fuel tax credit rates increased on 1 February 2022, so don’t forget to use the new rates when you calculate your claims on your next BAS.

For the March quarter BAS you will need to split up your fuel usage for before and after February 1 due to the different rates.  Alternatively, if you claim less than $10,000 fuel tax credits per year, then you can simply use the rate that is applicable at the end of the quarter.  That is, for the March quarter BAS you can use the rates below that are relevant as at 31 March 2022.

Fuel tax credit rates do change regularly.  They are indexed twice a year, in February and August, in line with the Consumer Price Index.

Rates for fuel acquired from 1 February 2022 to 31 July 2022:

Rates for fuel acquired from 2 August 2021 to 31 January 2022:

If you require any further information regarding fuel tax credit, including eligible fuels, definition of heavy vehicles etc, get in touch with us.