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 by employing professional bookkeeping services.