Show download pdf controls
  • Record keeping and claiming GST credits

    By complying with the code of compliance, you will have the necessary records to verify your claims for GST credits on purchases of scrap metal.

    As a scrap metal dealer, if you are registered or required to be registered for GST you are entitled to claim GST credits when you buy scrap metal from a GST- registered business and you hold any of the following documents:

    • a valid tax invoice
    • a recipient-created tax invoice (RCTI)
    • for purchases that do not exceed $82.50, a record that describes the material purchased, the amount paid and the date of the transaction.

    You may also be entitled to special GST credits when you purchase second-hand goods, such as scrap metal from an entity that is not registered and is not required to be registered for GST, if you:

    • bought the scrap for sale or exchange as part of your business, and
    • hold the records as detailed under the code of compliance.

    Certain exceptions apply.

    Next step:

    See also:

      Last modified: 30 Jun 2017QC 17300