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Fuel tax credits provide you with a credit for the fuel tax (excise or customs duty) included in the price of fuel used in business activities, machinery, plant, equipment and heavy vehicles.
To be eligible for fuel tax credit the following things need to be meet:
You cannot claim fuel tax credit if you use your fuel for travelling, aviation and in the vehicles with a GVM of 4.5 tonnes or less, or if you could not use your fuel as you have lost or otherwise disposed of.
When you calculate your fuel tax credit you need to use a rate that is adjusted in February and August with consumer price index every year. This rate is applied when you have acquired the fuel. The rate might be different if you claim less than $10,000 in fuel tax credit.
How do you claim fuel tax credit?
If you want to claim your fuel tax credit you must assess your own eligibility, calculate the amount you claim and keep all the record that support your claim.