QTPA Member Alert | Advice from ATO: Fuel tax credit rates have changed from 1 July 2012 (8/10/2012)
Advice from ATO: Fuel tax credit rates have changed from 1 July 2012
Did You Know that: Fuel Tax Credit Rates Have Changed from 1 July 2012
The Australian Tax Office has provided an online eligibility tool and calculator to allow businesses to calculate their entitlements in regard to exemption from the carbon charge.
While many fuel tax credit rates changed from 1 July 2012, rates for specified activities in agriculture, fishing or forestry are exempt from the carbon charge.
The rate for liquid fuels, such as petrol and diesel, used in specified activities in agriculture, fishing or forestry continues to be 38.143 cents per litre. In addition, rates have increased for diesel and petrol used in certain off-road activities (including construction or manufacturing), although in most circumstances you need to deduct the carbon charge. After deducting the carbon charge, rates for these activities are now 31.933 cents per litre for diesel and 32.623 cents per litre for petrol, increasing from 19.0715 cents per litre. These rates will decrease annually until 30 June 2015 due to increases in the carbon price. From 1 July 2015, the rates will be reviewed every six months. To help work out your entitlement use the online eligibility tool and calculator available at www.ato.gov.au/fuelschemes For more information, see Fuel tax credits – changes from 1 July 2012. |
0 Comments