What records do I need to keep?

To claim the GST back on a creditable acquisition, you must have a valid tax invoice from the supplier.

There is an exception for individual items costing less than $75.

Generally, the tax invoice should contain the following

• supplier's name and ABN;

• description of the goods or service purchased; and

• the price including the GST paid.

You must keep these invoices for 5 years from the time you lodge your BAS, and may need them for 5 years from the time you lodge your income tax return.

The best way to maintain a record of your GST collected and paid, is using a record keeping tool such as MYOB AccountRight.