Late last year the government re-introduced the Fuel excise indexation.

The change effectively increased the cost of fuel at the bowser which has in turn increased the amount eligible businesses can claim on their BAS as fuel tax credits at label 7D.

The re-introduction was effective from 10 November 2014. Rates are indexed twice a year in line with the consumer price index – generally on 1 February and 1 August

This means that in your December and March BAS will need two rates to calculate fuel tax credits if you are eligible to claim

To find out the correct rates that you should be using, please contact your accountant.