Latest Fuel Tax Credit Rates for Businesses: July 2023 – June 2024 Update
As a business owner or manager, keeping up with the latest fuel tax credit rates is essential for accurate financial planning and compliance. The Australian Taxation Office (ATO) has released the updated fuel tax credit rates effective from 1 July 2023 to 30 June 2024. Here’s a concise overview of the rates and how they can affect your business.
Latest Rates (Effective from 5 February 2024 to 30 June 2024)
| Fuel Type | Used in Heavy Vehicles on Public Roads | All Other Business Uses |
|---|---|---|
| Liquid Fuels (e.g., Diesel, Petrol) | 20.8 cents per litre | 49.6 cents per litre |
| Blended Fuels (B5, B20, E10) | 20.8 cents per litre | 49.6 cents per litre |
| Blended Fuel (E85) | 0 cents per litre | 21.295 cents per litre |
| LPG (Duty Paid) | 0 cents per litre | 16.2 cents per litre |
| LNG/CNG (Duty Paid) | 0 cents per litre | 34.0 cents per kilogram |
| B100 | 0 cents per litre | 13.2 cents per litre |
Rates for Fuel Acquired from 1 August 2023 to 4 February 2024
| Fuel Type | Used in Heavy Vehicles on Public Roads | All Other Business Uses |
|---|---|---|
| Liquid Fuels (e.g., Diesel, Petrol) | 20.0 cents per litre | 48.8 cents per litre |
| Blended Fuels (B5, B20, E10) | 20.0 cents per litre | 48.8 cents per litre |
| Blended Fuel (E85) | 0 cents per litre | 20.92 cents per litre |
| LPG (Duty Paid) | 0 cents per litre | 15.9 cents per litre |
| LNG/CNG (Duty Paid) | 0 cents per litre | 33.4 cents per kilogram |
| B100 | 0 cents per litre | 13.0 cents per litre |
Initial Rates (1 July 2023 to 31 July 2023)
| Fuel Type | Used in Heavy Vehicles on Public Roads | All Other Business Uses |
|---|---|---|
| Liquid Fuels (e.g., Diesel, Petrol) | 18.9 cents per litre | 47.7 cents per litre |
| Blended Fuels (B5, B20, E10) | 18.9 cents per litre | 47.7 cents per litre |
| Blended Fuel (E85) | 0 cents per litre | 20.415 cents per litre |
| LPG (Duty Paid) | 0 cents per litre | 15.6 cents per litre |
| LNG/CNG (Duty Paid) | 0 cents per litre | 32.7 cents per kilogram |
| B100 | 0 cents per litre | 12.7 cents per litre |
Important Notes
- Note 1: From 1 November 2019, the rate for heavy vehicles includes fuel used to power passenger air-conditioning in buses and coaches.
- Note 2: The ‘all other business uses’ rate applies to claims for packaging or supplying fuel for the corresponding fuel type.
- Note 3: Changes in the heavy vehicle road user charge affect the fuel tax credit rates for fuel used in heavy vehicles on public roads.
- Note 4: The road user charge for gaseous fuels currently reduces fuel tax credits for these fuels to nil due to scheduled increases in the charge rate.
How to Use the Rates
To claim your fuel tax credits accurately, use the rate applicable on the date you acquired the fuel. For convenience, utilize the ATO’s fuel tax credit calculator available online. This tool is updated with the latest rates, ensuring you report the correct amount on your Business Activity Statement (BAS).
Staying informed about the fuel tax credit rates helps your business recover some costs associated with fuel use. Ensure you apply the correct rates and consider using available tools for accurate reporting.
For further information please visit the ATO website –
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