Those of you that operate heavy vehicles in your businesses will need to be aware of a recent budget change.
The ATO has recently advised that the heavy vehicle road user charge will increase from 1 July 2023, as announced in the 2023/24 Federal Budget.
However, from 1 July 2023, the fuel tax credit rate for heavy vehicles (such as buses, coaches, and trucks) travelling on public roads will decrease, owing to the increase in the road user charge.
The heavy vehicle road user charge rate for diesel, petrol and gaseous fuels will increase by 6% per year over three years.
The ATO recommends that, in order to get their fuel tax credit right each BAS, taxpayers should use the ATO’s fuel tax credit calculator as it includes the latest rates.
Taxpayers should make sure they also check the latest rates at fuel tax credit rates for business on the ATO’s website.
If you have any queries about this change please contact our Team on 55612643.
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