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Jack Malarkey

Well-Known Member
  • From the Australian Taxation Office’s Small Business Newsroom:

    Claiming GST credits

    22 June 2018

    Knowing what you can claim as a GST credit can sometimes seem confusing. Here are five things you can do to get your claim right:

    1. Claim within the time limit

    You can claim GST and fuel tax credits up to four years from the due date of the activity statement in which they could first be claimed. After that, you can't claim those credits.

    2. Claim for business use

    You can claim the portion of a purchase which you have used for business purposes, but not for private use.

    3. Don’t claim credits for GST-free items

    Some items are GST-free and no GST credits can be claimed (such as fresh food and some medicines).

    4. Claim correctly when purchasing a car

    If the vehicle price is above the car limit, the maximum GST credit you can claim is 1/11th of the limit. The car limit for 2017-18 and 2018-19 is $57,581 – which means the maximum GST credit you can claim would be $5,234.

    5. Keep supporting documentation

    When you make any GST credit claim remember to keep the supporting documentation for that purchase, such as a valid tax invoice.

    Remember, registered tax agents and BAS agents can help you with your tax.

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