What can I claim back?

Basically, if you are registered, you can claim the GST back on any creditable acquisition or a creditable importation.

Creditable Acquisitions and Importations

A creditable acquisition (or creditable importation) is made if you:

• acquire something for a creditable purpose*; and

• that something is a taxable supply; and

• you provide consideration for that something (i.e. you pay for it with money or some other way); and

• you are registered.

Some common creditable acquisitions include:

• Computers;

• Trading stock;

• Travel expenses;

• Motor vehicles and their running costs;

• and anything else you may need to run your business.

What is a Creditable Purpose?

A creditable purpose just means that you acquired something for the purpose of your enterprise. Basically, it is something that is going to be used to produce whatever it is you are producing. For instance, if your business was to engage in some business coaching, you would be able to claim 1/11th of the expense back, provided your coach was registered for GST.