ATO Finalises Time Limits for GST and Fuel Tax Credit Claims
The ATO has released MT 2024/1, confirming the time limits for claiming input tax credits and fuel tax credits under:
- GST Act 1999 (Subsection 93-5(1))
- Fuel Tax Act 2006 (Subsection 47-5(1))
This ruling, previously issued in draft form, clarifies key timing rules, including:
- The standard four-year time limit for claiming credits does not apply to adjustments made under the increasing or decreasing adjustment rules.
- The four-year period for GST credits may not align with the time limit for amending an income tax return.
What This Means for You
Businesses should ensure they claim GST and fuel tax credits within the correct timeframe and review any adjustments separately. If you’re unsure about your entitlements, professional advice can help avoid missing out on claims.
Need assistance? Contact Simmons Livingstone for expert tax guidance at 1800 618 800 or via email admin@simmonslivingstone.com.au.
