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Australian GST-registered businesses should keep a traceable record for each input tax credit (ITC): evidence of the purchase and GST, its business purpose, any apportionment or adjustment, and how the amount reached the BAS. Keep the required tax invoice for applicable purchases, Home Affairs evidence for GST on taxable imports, and the working papers that explain your calculations. The Australian Taxation Office (ATO) generally requires GST records to be retained for five years, with longer retention sometimes necessary.
What records do I need to keep for GST credits?
Build a file that lets someone follow a credit from the original transaction through to the amount reported on the business activity statement (BAS). The ATO says businesses need records showing the income and expenses used to calculate and support GST amounts reported and claimed. If records do not adequately support a claim, the ATO may adjust or deny it (ATO: Records required for GST).
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- Purchase evidence: supplier tax invoices and other transaction records identifying what was acquired, its amount and the GST relevant to the claim.
- Business purpose: records that make clear how the acquisition relates to the business and supports the credit.
- Calculations and adjustments: working papers and supporting documents for GST calculations, adjustments and decisions.
- BAS connection: a way to trace the evidence and calculation to the amount included in the relevant BAS.
- Apportionment: where an acquisition has mixed business and private use, the allocation method, its particulars and the basis for it.
The exact mix of records depends on the transaction. The aim is not merely to save a receipt, but to retain enough context to explain why the business claimed that GST amount.
Do I need a tax invoice to claim GST?
Generally, for a creditable acquisition with a GST-exclusive value over $75, the business must hold a tax invoice when it lodges its BAS to claim the credit. The ATO’s GSTR 2000/10 describes an exception for acquisitions of $75 or less. Threshold rules and exceptions can depend on the circumstances, so check current ATO guidance and applicable law for the transaction (ATO: GSTR 2000/10).
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Keep the invoice with the underlying transaction records rather than relying on a BAS total alone. For acquisitions at or below the threshold, retain the available records that establish the transaction and support the amount claimed; the exception to the tax-invoice requirement does not remove the need to substantiate a claim.
What evidence do I need for GST on imports?
For taxable imports, a tax invoice is not required to claim the GST credit. Retain Department of Home Affairs documentation showing the GST paid, along with records that identify and explain the import and the amount included in the claim (ATO: Records required for GST).
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How should I document business-use apportionment?
If a purchase is used partly for business and partly for private purposes, keep a record of how you divided the GST claim. The file should identify the allocation method, the relevant particulars and the basis for the calculation. The ATO’s ruling says the method should be fair and reasonable; retaining the underlying facts and calculation makes that judgment explainable (ATO: GSTR 2006/4).
How long do I keep GST records?
The ATO’s general guidance says to keep records for five years from the later of when the record was prepared or obtained and when the related transaction or act was completed (ATO: Records required for GST). Apply the start point to the particular record and transaction rather than assuming every document has the same disposal date.
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Five years is not a universal maximum. Under GSTR 2006/4, some records connected with transactions after 1 July 2012 may need to be retained beyond five years when the applicable period of review extends further; an amended assessment can also affect the retention period. Check the relevant review period before destroying records (ATO: GSTR 2006/4).
Can I keep GST records electronically?
ATO business recordkeeping guidance permits paper or electronic records. Records should explain transactions and be in English or readily translatable into English (ATO: Record keeping for business). Scans and digital files are useful only if they remain legible, retrievable and connected to the transaction and BAS calculation they support.
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Accounting software can help create invoices, summaries and GST reports, but those outputs do not replace adequate evidence for the underlying acquisitions. In choosing a workflow, consider whether you can search and retrieve records, link invoices to transactions and BAS entries, protect access, back up the files, recover them after a failure and export them when needed. ATO guidance recognises both paper and electronic formats; it does not rank particular systems.
Who may need additional guidance?
The ATO flags additional recordkeeping requirements for ride-sourcing enterprises. The general checklist above does not set out those specific requirements, so affected businesses should consult the ATO’s dedicated sharing-economy and GST guidance rather than assume the standard purchase-record checklist is complete.
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This guidance concerns Australian GST and ATO material. GST recordkeeping rules in other jurisdictions may differ.
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