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Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
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Re: Fuel Tax Credit

Newbie

Views 157

Replies 1

If you are using a period (say 2 months in a year) from the log book to estimate the on-road and off-road usage percentage for heavy/light vehilces for calculating the fuel tax credit, can you use this percentage for a few years? How often does this percentage need to be reveiwed - I couldn't find anything on this?

 

for eg: for car fringe benefit you can use the same log book business percentage use for 5 years (assuming there is no major change in the pattern of use). Is there anything similar for fuel tax credits?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hi @Shivanjani,

 

When using the Percentage use method you must be able to show your fuel usage in the sample period accurately reflects your standard business activities.

 

You must review your sample percentage if your business operations change in a way that substantially affects how much eligible fuel you use in a financial year.

 

There is no limit set for how long you can continue using the "sample period" however you should keep all of the following:

  • records of your fuel purchases
  • evidence your activities are eligible for fuel tax credits
  • details of any fuel that is lost, stolen or otherwise disposed of

to substantiate any claims you make if and when required to.

 

Links

Calculating eligible fuel quantities 

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @Shivanjani,

 

When using the Percentage use method you must be able to show your fuel usage in the sample period accurately reflects your standard business activities.

 

You must review your sample percentage if your business operations change in a way that substantially affects how much eligible fuel you use in a financial year.

 

There is no limit set for how long you can continue using the "sample period" however you should keep all of the following:

  • records of your fuel purchases
  • evidence your activities are eligible for fuel tax credits
  • details of any fuel that is lost, stolen or otherwise disposed of

to substantiate any claims you make if and when required to.

 

Links

Calculating eligible fuel quantities