Don’t Miss Out on GST Credits and Fuel Tax Credits

Great news! Businesses registered for GST have the opportunity to claim GST credits and fuel tax credits, but there are strict time limits. To maximise your entitlements, it’s essential to act promptly and ensure your claims are accurate. 

What are GST credits? 

When your business makes a purchase and pays GST as part of the price, you may be eligible to claim that GST as a credit. These GST credits help offset the GST payable when lodging your Business Activity Statement (BAS), potentially reducing the amount owed or resulting in a refund. 

If your business is also eligible for fuel tax credits, you can claim a credit for the tax included in the price of fuel used for business operations. 

Claiming deadlines 

You need to claim GST and fuel tax credits within 4 years of the due date of the earliest BAS in which the claim could have been made. After this period, you will no longer be eligible to claim the credits. 

The credits must be included in your assessment within this 4-year time frame. Submitting an amendment to your original assessment or a private ruling request does not automatically mean the credits are claimed.

If you have missed claiming credits in an earlier BAS, there are several ways to include them, for example, you have the option to include the credits in your next BAS, lodge a revised BAS (RBAS) or submit a valid objection. 

For further guidance on your options for claiming credits and how to navigate your GST and fuel tax credit entitlements, reach out to your Simmons Livingstone on 1800 618 800 or via email at admin@simmonslivingstone.com.au.