Uncover your fuel usage, increase your fuel tax credits
Companies operating fleets of vehicles, machinery, plant and industrial equipment acquire large amounts of fuel to power their assets. Depending on their eligibility, businesses can claim fuel tax credits for the fuel they use to run their operations. Many businesses only claim the standard rate for Fuel Tax Credits, lacking the accurate tracking data required to maximise their claim.
With Connect's GPS asset tracking and vehicle tracking in place, you can optimise your fuel management by accurately tracking the fuel usage for each vehicle, and then use this data to increase your claim come tax time. Connect will not only provide a clearer picture of where and how fuel is consumed, but also help optimise your fleet of vehicles and increase your savings.
How much can you claim?
Your business can claim up to 16.5 cents per litre while on public roads and up to 42.3 cents per litre for fuel used by all vehicles on private roads and for auxiliary use (more on this below). However, many businesses only claim standard rates using simplified measures and are rarely aware of how much more they can claim with the right tools.
What counts as a private road for higher fuel tax credits?
Claim more with Auxiliary use
Fuel tax credits can also be claimed on fuels used to power auxiliary equipment of heavy vehicles. This includes crane trucks operating the crane function, the mixing barrel of a concrete truck or the use of winches, computers and other elevation mechanics on vehicles.
Auxiliary use can claim up to 42.3 cents per litre; the fuel tax credit rate for this activity is not reduced by the road user charge, even if this takes place on public roads.
Read about auxiliary equipment claims on the Australian Tax Office site.
Claim Retrospective FTC
Your business may be able to claim additional fuel tax credits based on evidence of fuel used on private roads that were previously submitted as public roads, or where your business has under-claimed fuel tax credits over the previous four years.
Even if you haven't kept accurate records in the past and have already made a previous claim, six months' worth of accurate and consistent data provides acceptable evidence for retrospective fuel credit claims to be made.
How are Fuel Tax Credits calculated?
Road user charges exist to partly recover the costs of public road construction and maintenance from heavy vehicles. This is why businesses are able to claim a higher fuel tax credit on private roads than they are on public roads and why accurate reporting of whether fuel is used on a public or private road can make a difference to your total claimable fuel tax credits.
Public road FTC
The public road fuel tax credit claimable is equal to the maximum possible fuel tax excise (42.3 cents per litre) minus the road user charge (25.8 cents per litre).
FTC = Excise rate on each litre of fuel - Road User Charges.
FTC = $0.423 - $0.258, the public road FTC = $0.165 (per/litre)
Private road FTC
Road user charges do not reduce the claimable fuel tax credits on private roads.
FTC = Excise rate on each litre of fuel, therefore the private road:
FTC = $0.423 (per/litre)
A GPS-verified tracking solution can accurately distinguish between private and public roads, so you don't miss out on receiving the maximum claimable fuel tax credits.
Maximise your fuel tax rebates with Connect
GPS-verified FTC
Capture accurate on-road and off-road travel, fuel consumption, mileage and auxiliary equipment usage with Connect's GPS tracking devices.
GPS-verified data enables you to easily distinguish between public and private road usage for accurate claiming of the maximum fuel tax credits available to your business.
Easy Reporting
Connects real-time GPS tracking automatically feeds detailed data into simple reporting, so you can get the most accurate calculation to claim the maximum value you deserve.
You'll gain greater visibility on the fuel usage within your business and significantly reduces admin time and costs. Reports are stored securely and backed up with accurate real-time data, so you have them when and where you need them.
Eliminate Estimates
Remove the manual guesswork and paperwork and cut down on admin time used when gathering, calculating and keying in data. With accurate GPS data, your FTC rebates are easier to calculate.
Our data also lets you calculate averages so that you can access previously unclaimed or under-claimed fuel tax credits from the previous four years.
Reduce Tax Risk
With accurate data and fuel use records, your business reduces the risk of over-claiming and incurring penalties and interest charges.
Connect lets you claim with confidence, knowing you're submitting accurate data with the evidence and tools to support it.