If I use GST instalments option, do I need to have my tax invoices on hand?
You need to hold a tax invoice before being able to claim GST credits. You must hold them before lodging your Annual GST return for the financial year in question. If you do not hold a tax invoice at the end of the financial year, you may wish to request one from your supplier. Suppliers must provide you with a tax invoice within 28 days of you asking for it. If you still do not have a tax invoice for your creditable purchase when you lodge your Annual GST return, you will not be able to claim the credit. You will be able to claim the credit after holding the tax invoice. If you continue paying GST by instalments, you will claim the credit on your next Annual GST return.
Related Questions
- If I am eligible to pay two instalments for GST, how will I know from my activity statement that I will pay two instalments rather than four under this option?
- If I choose to use instalments for GST or GDP-adjusted notional tax instalments for PAYG, do I have to use instalments for both?
- I am a GST instalment payer. When do I need to have my tax invoices on hand?
