Here’s what you need to know about the 2 changes to Fuel Tax Credits in the last quarter.

 

The first change was on 1st February 2022 due to CPI Indexation.

The second change was on 30th March 2022 as a result of the halving of the excise duty rates implemented to lower fuel prices which were placed under pressure due to recent global activities. Something to keep in mind is that while the credit you can claim is lower, so is the excise duty you are paying as part of the fuel price you are being charged. So pay less, claim less!

A big change though for heavy vehicles – from 30th March 2022 until 28th September 2022, businesses using the fuel in heavy vehicles for travelling on public roads will not be able to claim fuel tax credits as the road user charge (RUC) exceeds the excise duty paid.

Handy links for more information can be found at:

If you need help in this area reach out and we will connect you with the help you need. 

Recent Beam News:

Super Changes Start Today

Super Changes Start Today: What do you need to know and do? We did alert you to these changes a few months back, but the day of change is finally...

STP Finalisation

Hello 2022 EOFY   It's that time of year again when employees will be eagerly awaiting their Annual Income Statement needed to have their...

Super Deadline

Super Deadline   If after consulting with your Accountant, you are planning to bring forward payment of your June quarter super to secure a tax...

Beam Bookkeeping have been announced Australian Accounting Awards Finalists in 2 Categories!

Team Beam are Finalists! Team Beam have been announced as finalists in 2 categories for the Australian Accounting Awards; Bookkeeping Firm of the...