Time limits on GST and fuel tax credit claims
Taxpayers should note that GST credits and fuel tax credits will expire if not claimed within the 4-year credit time limit (i.e. generally four years from the due date of the original BAS in which the taxpayer could have claimed them).
Once credits expire, the ATO has no discretion or ability to amend the assessment to include those credits.
The 4-year credit time limit is different to the period of review and applies more strictly.
There may be situations where the ATO is able to amend for overpaid or underpaid GST or overclaimed credits, but additional credits cannot be included in an amendment assessment.
If credits are near expiry, instead of writing to request an amendment, taxpayers should consider:
- claiming the credits in their next BAS that is still within the 4-year credit time limit
- requesting the amendment by lodging a revised BAS for the tax period to which the credits are attributable (these are generally processed faster than amendment requests in other forms) or
- lodging a valid objection against their assessment for the period to which the GST credits are attributable before the end of the 4-year credit time limit.
If you identify any unclaimed input tax credits, Omnis in Perth can assist with actioning the above options to try and ensure the credits are not lost.
If you’ve identified unclaimed GST or fuel tax credits nearing expiry, talk with Omnis Business Advisory. Our tax team can help you choose the fastest and safest way to claim them before the 4-year time limit runs out.
