When goods are purchased from someone who is not registered or required to be registered for GST it is not generally possible for the purchaser to claim back GST credits in relation to the purchase. However, the GST system contains some special rules for taxpayers who carry on a business of buying and selling second hand goods. In this case the business can potentially claim notional GST credits in relation to second hand items purchased from private vendors. Certain items ar

Existing Small Businesses From 1 July 2017, small businesses generally will only need to report GST on sales (1A) GST on purchases (1B) Total sales (G1) The requirement to report Export sales (G2), other GST free sales (G3), Capital purchases (G10) and Non-capital purchases (G11) will be removed. New Small Businesses The ATO has notified taxpayers that, from 19 January 2017, newly registered small businesses have the option to report less GST information on their business act