Effective July 1, 2023, there will be an increase in the heavy vehicle road user charge, as stated in the 2023–24 Federal Budget.

Starting from July 1, 2023, heavy vehicles, including buses, coaches, and trucks, traveling on public roads will experience a reduction in the fuel tax credit rate. This adjustment is a result of the aforementioned increase in the road user charge.

Over a span of three years, the heavy vehicle road user charge rate for diesel, petrol, and gaseous fuels will progressively rise by 6% annually.

To ensure accurate fuel tax credits on your Business Activity Statements (BAS), it is advisable to utilise the fuel tax credit calculator, which incorporates the most up-to-date rates. Additionally, remember to review the current rates provided at fuel tax credit rates for business.

The ATO offer tools that can assist you in correctly calculating your fuel tax credits, along with information regarding the documentation required to support your claims.

Keep in mind that consulting a registered tax professional can provide valuable assistance with your tax-related matters.