Fuel tax credits
If your business receives fuel tax credits for fuel on machinery, equipment or heavy vehicles, it's easy to record the amount using a journal entry .
Fuel tax credits are amounts you can claim for the fuel tax included in the price of fuel you acquire and use for your business activities.
If you’re eligible to claim, you'll need to find out the rate you can claim, and these rates vary depending on the fuel you use and your business activities.
Your business must be registered for both fuel tax credits and GST before you can claim fuel tax credits. For more information, see the ATO website .
To determine the amount of fuel tax credit you are eligible to claim for a given BAS period, you can perform a Find
transaction on the account - located at the bottom of any command centre.
The credit amount would normally be the net change in the account over your specified period.
The following BAS fields are used for fuel tax credits:
- 7C (Fuel tax credit over claim) - This field is used to record fuel tax credits that may have been over-reported in previous periods
- 7D - (Fuel tax credit) - This field is used to claim fuel tax credits
To activate these fields in BASlink, you'll want to select the I Claim Fuel Tax Credits option in the BAS Info window.
To automatically complete the fields in BASlink, all you need to do is link the fields to your applicable accounts.Source: help.myob.com