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08 May 07 Increase in the threshold for requiring an approved tax invoice for GST

Businesses will be allowed to claim input tax credits for purchases with a GST exclusive value of $75 or less without the need for an approved tax invoice, with effect from 1 July 2007.

To claim an input tax credit, businesses currently have to obtain an approved tax invoice for all purchases with a GST exclusive value greater than $50. For purchases with a GST exclusive value of $50 or less, the documentation required for income tax purposes is sufficient to claim an input tax credit.

This measure will also carry over to the "no ABN withholding" arrangements, increasing the threshold for "no ABN withholding" from $50 to $75.

For a copy of the Treasurer's press release, No 2007/38, 8 May 2007, go here

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