Fuel tax credit rates are indexed twice a year, in February and August, in line with the consumer price index (CPI).If your client claims less than $10,000 in fuel tax credits each year, you can use any of the following simplified methods that best suit their needs.
Use the rate that applies at the end of the BAS period
When there is a change of rate during the business activity statement (BAS) period, you can calculate their fuel tax credit claim by using the rate that applies at the end of the period. The fuel tax credit calculator can be used for this.
Calculate the litres bought
To work out the quantity of fuel bought in a tax period, simply use the total cost of fuel they purchased in the BAS period, divided by the average price per litre for the BAS period.
Calculate their litres as follows: Litres = Total cost of fuel purchased ÷ Average price of fuel.