Working out your fuel tax credit
43-5 Working out your fuel tax credit
The *amount of your fuel tax credit for taxable fuel is the amount of *effective fuel tax that is payable on the fuel.
The amount of the credit may be reduced under section 43‑10.
Amount of effective fuel tax
The *amount of effective fuel tax that is payable on the fuel is the amount (but not less than nil) worked out using the formula:
where:
fuel tax amount means the *amount of fuel tax that was or would be payable on the fuel at the rate in force on the day worked out using the table in subsection (2A).
grant or subsidy amount means the *amount of any grant or subsidy, except a grant specified in subsection (3), that was or would be payable in respect of the fuel by the Commonwealth at the rate in force on the day worked out using the table in subsection (2A).
Section 43‑7 affects how this subsection applies to blends.
Day for rate of fuel tax, grant or subsidy
Work out the day using the table:
Day for rate of fuel tax, grant or subsidy | ||
|---|---|---|
If: | The day is: | |
1 | You acquired or imported the fuel | The day you acquired or imported the fuel |
2 | You: (a) manufactured the fuel; and (b) entered the fuel for home consumption (within the meaning of the Excise Act 1901) | The day you entered the fuel for home consumption (within the meaning of the Excise Act 1901) |
Division 65 sets out which tax period a credit is attributable to.
In applying subsection (2), disregard a benefit under the Product Stewardship (Oil) Act 2000.
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