Good news for liquid transport businesses this month as the fuel tax credit rate increase in line with the reintroduction of fuel tax indexation.
As of the 1st of August 2015, the fuel tax credit rate has increased for eligible heavy vehicles to 13.06 cents per litre and can be claimed back against driving costs.
This is welcome news for heavy vehicle companies as operating costs for vehicle maintenance continue to rise. Operators can clam back the credit from the 1st of August and are advised by the Australian Taxation Office to make use of its online fuel credit calculator in order to get the correct figures.
However, all claimants must meet one of four environmental criteria in order to be eligible for the fuel tax credit:
Criterion 1—Vehicles manufactured on or after 1 January 1996
Criterion 2—Vehicles registered in an audited maintenance program that is accredited by the Transport Secretary
Criterion 3—Vehicles that meet Rule 147A of the Australian Vehicle Standards Rules 1999 (the “DT80” test)
Criterion 4—Vehicles which comply with a maintenance schedule endorsed by the Transport Secretary
For more information on the fuel tax credit increase, or to check if your vehicle meets the above criteria, click here.