| 02 9982 2466

Fuel tax credits – rate change

On 1 August 2017, fuel tax credit rates increased. Some of these rates also changed on 1 July 2017, due to a change in the road user charge and an annual increase to excise duty rates on biofuels.

Fuel tax credit rates change regularly – they are indexed twice a year, in February and August, in line with the consumer price index (CPI).

Below are the rates for fuel acquired from 1 August 2017 to 31 January 2018.

Eligible fuel type Unit Used in heavy vehicles for travelling on public roads All other business uses (including to power auxiliary equipment of a heavy vehicle)
Liquid fuels, i.e., diesel or petrol Cents per litre 14.5 40.3
Blended fuels: B5, B20, E10 Cents per litre 14.5 40.3
Liquefied petroleum gas (LPG) (duty paid) Cents per litre 0.0 13.2
Liquefied natural gas (LNG) or compressed natural gas (CNG) (duty paid) Cents per kilogram 0.0 27.6
Blended fuel: E85 Cents per litre 0.0 10.55
B100 Cents per litre 0.0 2.7

Claims for packaging or supplying fuels can use the ‘all other business uses’ rate for the appropriate eligible fuel type.

For businesses that claim less than $10,000 in fuel tax credits in a year, to simplify your claim use the rate that applies at the end of the BAS period.

Posted on 14 August '17 by , under Tax.

Leave a Comment

You must be logged in to post a comment.

Join Our Mailing List!

Subscribe to our mailing list to receive all the latest financial newsletter updates as well as information on important dates on our business calendar.

Recent Updates

Firm News

Transition to retirement

The transition to retirement (TTR) strategy allows you to access some of your super while you continue to work.

You are able to use the TTR strategy if you are aged 55 to 60. You can use it to supplement your income if you reduce your work hours or boost your super and save on tax while you keep working full time.

  • Starting a TTR pension: To start your TTR pension, transfer some of your super to an account-based pension. You have to keep some money in your super account so that you can continue to receive your employer's compulsory contributions as well as any voluntary contributions you may be making.
  • Government benefits and TTR: The benefits you or your partner receive might be impacted if you choose to opt for this strategy. How and what exactly will change might become clearer upon discussing this with a Financial Information Service (FIS) officer.
  • Life insurance and TTR: In some cases, the life insurance cover you have with your super may stop or reduce if you start a TTR pension – check this before making any decisions or changes.

TTR can help ease your mind as you transition into retirement but it can be a bit complex. Before you choose whether you want to use TTR to reduce work hours or save on tax, or even if you want to use TTR altogether, you should figure out how this will impact all aspects of your finances.

Business Calender