You must be registered for GST to claim GST credits.<\/p>\n
You can claim a GST credit for a the price you pay for things that you use in your business. This is called an input tax credit, (or a credit for the GST included in the price of your business costs).<\/p>\n
You claim GST credits in your business activity statement.<\/p>\n
You can claim GST credits if the following conditions apply:<\/p>\n
A four year time limit applies for claiming GST credits.<\/p>\n
If you purchase goods or services for both business and private use, you can only claim a GST credit for the part of the purchase relating to your business use.<\/p>\n
If you later find your actual use differed from your intended use, you may need to\u00a0adjust\u00a0<\/b>the amount of GST credits you have claimed.<\/p>\n
If you are a small business, you may be able to account for the private portion of your business purchases once a year, rather than each time you lodge an activity statement. To do this you need to make an annual\u00a0‘private apportionment election’.<\/p>\n
You must have a tax invoice to claim a GST credit for purchases that cost more than A$82.50 (including GST).<\/p>\n
Your supplier has 28 days to provide you with a tax invoice after you request one. Wait until you receive it before you claim the GST credit, even if this is in a later reporting period.<\/p>\n
Under new law, GST applies to:<\/p>\n
You should not be charged GST on these sales if you are registered for GST (and provided that you give the supplier your ABN and state that you are registered).<\/p>\n
The supplier is not required to provide tax invoices for these sales (see ‘When you don’t receive a tax invoice<\/b>‘ below for when you have been charged GST by a supplier who does not or cannot provide you with a tax invoice.)<\/p>\n
If you have not been charged GST on a purchase because you have provided the supplier with your ABN and a statement that you are registered for GST, then, in some circumstances, \u2018reverse charge\u2019 rules require you to pay GST on the relevant purchase through your BAS.<\/p>\n
Broadly, under these reverse charge rules, you will need to pay GST on a purchase if you would not have been entitled to claim a full GST credit.<\/p>\n
An invoice containing incorrect or incomplete information is not a valid tax invoice. You may be able to treat it as a tax invoice if it is missing information that can be obtained from other documents the supplier has given you. Alternatively, you can ask your supplier to replace it with a complete and correct tax invoice. The Commissioner also has the power to treat an incomplete document as a tax invoice.<\/b><\/p>\nSmall purchases<\/h3>\n
To claim a GST credit for purchases that cost A$82.50 or less (including GST), you should have one of the following:<\/p>\n
If you can’t get one of these, keep a record of the purchase, such as a diary entry with:<\/p>\n
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