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  • GST and fuel tax credits

    Keeping good records will help you meet your reporting requirements and help you to claim all the GST or fuel tax credits to which you may be entitled. You claim both your GST credits and your fuel tax credits on your business activity statement (BAS).

    GST

    Your business records for income and expenses should contain enough information to calculate and support the amounts you report and claim for GST credits. If your records do not adequately support your claims, we may adjust or deny some claims, so it is important to have the right records and to get your calculations right.

    GST credits for taxable imports

    You don’t need a tax invoice to claim GST credits for taxable imports. However, you must have documents from the Department of Immigration and Border Protection showing the amount of GST you paid on those imports.

    Fuel tax credits

    Many businesses are eligible to claim fuel tax credits. Fuel tax credits provide you with a credit for the fuel tax (excise or customs duty) included in the price of fuel you use in your business activities. The records you would normally keep for your business fuel expenses will generally support your claims for fuel tax credits (for example, tax invoices for fuel acquired). However, additional records will need to be kept that show:

    • how the fuel was used in your business
    • you applied the correct rate when calculating how much you could claim
    • your business is carrying on activities that are eligible for fuel tax credits.

    You must keep your records for GST, including invoices, and fuel tax credits for five years after you make the claim.

    See also:

    Last modified: 09 Feb 2017QC 43036