How do I calculate my Fuel Tax Credit manually for my BAS?
Fuel tax credits provide businesses with a credit for the fuel tax (excise or customs duty) that's included in the price of fuel used in: machinery, plant, equipment, heavy vehicles and light vehicles travelling off publics roads or on private roads.
The amounts depend on when you acquire the fuel, what fuel you use and the activity you use it in. Fuel tax credits rates also change regularly so it's important to check the rates each time you do your business activity statement (BAS).
Fuel tax credit rates are indexed at least twice a year, (normally in February and August), in line with the consumer price index (CPI). The CPI is released towards the end of January and July. Fuel tax credit rates will be updated as soon as they become available.
Rates may also change for fuel used in a heavy vehicle for travelling on public roads. This is due to changes to the road user charge which is reviewed annually.
Note: There are time limits for claiming fuel tax credits, making adjustments and correcting errors - generally, you must claim or amend your claim within four years.
Cashbook has the abilitility to automatically calculate your FTC amount for a selected period, but this can only be done if you have access to the internet.
For those who do not have access to the internet, or, for some reason, do not want to use the automatic calculation, FTC must be calculated manually:
Step 1: Obtain the latest FTC rates (Rate $/Litre) for each rebate rate type.
For this example we will use:
OFF-ROAD DIESEL/PETROL - Effective From 01/FEB/2016 - Rate $/litre 0.395000
ON-ROAD DIESEL/PETROL - Effective from 01/FEB/2016 - Rate $/litre 0.1336
eg. 330.03 UNLEADED, Quantity total = 2022
Manual calculation is done when calculating your BAS.
In the Fuel Tax Credit Worksheet window: