Fuel tax credits
What’s fuelling your business?"
The introduction of the second phase of the fuel tax legislation means businesses have:
- New entitlements to credits
- An excellent opportunity to assess whether they have maximised their previous claims.
There are significant existing credit entitlements for businesses using fuel. Changes introduced on 1 July 2008 expanded the number of businesses with potential entitlements to credits.
The number of businesses able to benefit from the new regime is estimated to have jumped from 300,000 to 1.3 million. The credits are significant bottom line savings for business, with refunds up to 38.143 cents per litre of fuel used in eligible activities.
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