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.