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| Record Keeping Requirements for Fuel Tax Credits |
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Record Keeping Requirements for Fuel Tax Credits
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| Are you? |
- Involved in a business that uses fuel in its income earning activities? |
| At a glance: |
- The Tax Office has recently issued guidance to taxpayers in relation to calculating their fuel tax credits and the records they must keep to substantiate their claims. |
| You should: |
- Be aware of the fuel tax credit system.
- Contact us if you require any clarification or advice. |
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| 1. |
Businesses are able to claim fuel tax credits for any fuel they use in heavy vehicles or in a range of other business activities.
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| 2. |
In order to support claims for fuel tax credits, eligible businesses are required to maintain records showing the business activities in which the fuel is used as well as the amount of fuel acquired.
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| 3. |
Appropriate records to support claims for fuel tax credits include:
- Tax invoices for the fuel acquired;
- Records showing how the fuel was used; and
- Records showing how the fuel tax credits were calculated
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| 4. |
Fuel tax credits can be calculated as follows [click here to access the ATO's Fuel Tax Credit Calculator]:
- Step 1: Work out how many eligible litres of fuel you have used for each business activity that has a different fuel tax credit rate.
- Step 2: Check what fuel tax credit rate applies to each of your activities.
- Step 3: Work out the amount of your fuel tax credits in dollars by multiplying the number of litres by the relevant fuel tax credit rate (Step 1 x Step 2).
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| 5. |
For more information, click here, or visit the ATO website at http://www.ato.gov.au.
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