Businesses are systemically under claiming Fuel Tax Credits (FTC) or overlooking them entirely, according to CCIWA International Trade Adviser Bryan Carter.
Carter, who has more than 20 years’ experience maximising FTCs for blue-chip clients, says that at up to 42 cents of credit per litre of fuel, increasing your rebate can mean big money even for smaller businesses.
But, he says, the complexity of offroad calculations can put businesses off claiming their full entitlement.
What are Fuel Tax Credits?
Certain types of fuel attract a Federal Government ‘fuel tax’ which is paid by the fuel company and recovered in the retail price of fuel.
If businesses use that fuel for eligible commercial activities all, or some, of the fuel tax paid may be claimable.
Businesses can retrospectively claim FTCs from up to four years ago with the ATO.
Carter says, after undertaking a complete analysis of operations, there is a good chance an expert can find opportunities to recover more FTCs.
“Businesses may have set up their Fuel Tax Credit calculations years ago, but businesses, and ATO requirements, change,” Carter says.
“A quick chat with our team can get you a sense of whether there’s an opportunity to claim more. And if we can’t, it won’t cost you a thing.”
Talk to a CCIWA trade consultant on (08) 9365 7620 or visit CCI’s International Trade and Investment Centre to find out how we can help.
