Fuel Tax Credit Scheme Expansion

The Fuel Tax Credit scheme is being expanded from the start of the new financial year.
 
Fuel tax credits provide businesses with a credit for the fuel tax included in the price of fuel they use in many business activities.
 
Previously the Fuel Tax Credit scheme was only available to a few select industries but has now been expanded to include many more with a credit of approximately 19 cents per litre. For those industries e.g. agriculture and forestry, where credits were available for diesel and oil only, from 1st July 2008 petrol will also be included.
 
Anyone using fuel in machinery and/or plant and equipment are encouraged to take the time to look over the eligibility requirements. For those eligible for the scheme it is essential that processes and procedures are set up to ensure they are claiming the maximum possible credits in a timely manner.
 
To be eligible for the fuel tax credit scheme businesses must be registered for GST and Fuel Tax Credits before making a claim.
 
For further information please contact the Australian Taxation Office on 13 28 66, or call us directly on (02) 6921 4955.