No Records Means no GST claim and no Tax Deduction
Do you know when to claim GST on those daily expenses if you don’t hold the invoice or receipt? Below is the answer you were looking for.
The Legal Principle is that if you do not have the records of the transaction then
- You cannot claim the expenditure for Income Tax
- If it isn’t a tax deduction then you are NOT permitted to claim any GST back
However, the GST law says you can claim back GST on a transaction below $82.50 (including GST) without a tax invoice.
Yes, but the law says you must still have proof of payment. Therefore you must have a receipt or credit card statement or something to show you did actually make the payment.
Disclaimer: All or any advice contained in this newsletter is of a general nature only & may not apply to your individual business circumstances. For specific advice relating to your specific situation, please contact your accountant for further discussion. Information provided by The Institute of Certified Bookkeepers - August Newsletter.