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  1. Grant Thornton Australia | Audit, Tax and Advisory
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  3. 2020
  4. Do you acquire fuel for your business? Don’t forget your fuel tax credits.

Do you acquire fuel for your business? Don’t forget your fuel tax credits.

11 Aug 2020
  • Do you acquire fuel for your business? Don’t forget your fuel tax credits.

While governments across Australia have implemented a number of support packages and tax incentives focused on minimising the impact of COVID-19 on businesses, there are existing mechanisms organisations should look to as a way of recovering and retaining cash in the business.

Fuel tax credits are one example where businesses can significantly reduce the marginal cost of fuel to your bottom line. Though it remains a mechanism that businesses don’t typically access to its fullest capacity, if at all.

Businesses that acquire fuel as part of their operations – be it, within the construction, mining, manufacturing or even transport industry, for instance – may be eligible for fuel tax credits or excise refunds. For businesses already claiming, you may be eligible to increase your claim by undertaking a complete analysis of your operations. If you’re not claiming, then a significant percentage of your fuel costs could be recovered (up to 42c/L).

What many organisations might not be aware of is that you can retro-access these credits from up to four years ago with the ATO. This could mean significant money is being left on the table, having a large impact on your cash flow.

More often than not, businesses that acquire fuel can access some sort of savings.

There are some complexities to navigate, so the team at Grant Thornton is working with clients to see if they are eligible and then help them to apply. Get in touch.

Case study

$1 million dollar recovery

Grant Thornton was engaged to review the operations of a transport client already claiming significant fuel tax credits. Applying our technical understanding of indirect tax to their operations, underpinned with data analytics tools which we have developed, our client was able to enhance their claim as we identified areas that qualified for higher than the base rate. This resulted in a refund of over $1 million.

$1.25 million dollar recovery

We had a client that had never looked at claiming fuel tax credits for their light vehicles. The client was in the construction industry and its light vehicles operated a significant portion of time ‘off-road’ on project sites. A refund over $1.25m was obtained in addition to their existing ‘heavy vehicle’ claims.

For more information, please contact:

Tony Windle
Tony Windle
Partner & National Head of Indirect Tax Brisbane
Email address https://au.linkedin.com/in/tonywindlegt Tony Windle VCard
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