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.

More Information on:

Capital Gains Tax

Education Tax Refund

The information contained in this website is intended only as a guide for small business, and should not be relied on to prepare tax returns in accordance with Australian taxation law. It is recommended that professional advice is sought by a registered tax agent regarding GST issues and tax deductions. The publishers accept no responsibility for errors, omissions or any damages caused by the improper use of this guide. Are you entitled to the entrepreneurs tax offset? Checkout the bath towels from BlueSwimmer. Lean about Division 7A online and capital gains tax, view some collectables or checkout the new website from Palm Beach Kindergarten.