To claim a GST credit for a purchase, you must hold a tax invoice for purchases greater than $82.50 (inc. GST). The tax invoice should include the following information:
- The seller's identity and ABN.
- The date the tax invoice was issued.
- A brief description of the items sold, including the quantity (if applicable) and the price.
- The GST amount (if any) payable – this can be shown separately or, if the GST amount is exactly one-eleventh of the total price, as a statement such as 'Total price includes GST'. If the purchase costs more than $1,000, your identity or ABN should be on the invoice too.
For smaller purchases, less than $82.50, you don’t need a tax invoice but you should keep one of the following records as proof:
- a tax invoice;
- a cash register docket;
- a receipt or invoice; or
- if you can't get one of the above, you should keep a record of the purchase (e.g. diary entry) including the following information:
- name and ABN of the supplier;
- date of purchase;
- description of items purchased; and
- amount paid.
You generally need to keep tax invoices and other documents supporting your GST credit claims for 5 years.