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Fuel Tax Credits Rate Increase
Fuel tax credits (FTC) rates have increased in line with the consumer price index on 3 February 2020. The FTC amount claimed depends on the type of fuel, the nature of the activity and the rate at the time of purchase.
Some businesses are eligible to use the
simplified fuel tax credits method
. If a business claims less than $10,000 in FTC per year, it can use a single rate of FTC as at the end of the BAS reporting period. There are other simplified FTC methods available that may be better suited to the business, however the rate at end of BAS period is commonly used.
Businesses claiming more than $10,000 per year must use the rates in effect at the time of fuel purchase, requiring separate calculations for each rate used during a BAS period.
ATO fuel tax credits rates
webpage for details on past and current rates, dates and access to the ATO fuel tax credits calculator tool.