Hi. I have just registered for FTC and am a little confused when it comes to reporting. Prior to registering for FTC I would claim the GST paid on the fuel in the BAS and the remainder would get claimed as an outgoing in my annual tax return. Now registered I understand that I put the details into the calculator and that gives you a value & the total of these values for the quarter goes into box 7D on the BAS but do you still claim the full GST that was paid on the original amount? When claiming the remainder in the annual tax return do you then deduct the FTC from that amount? I read that the FTC has to be recorded as a sale/income?
Thanks for any advice
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416 views
2 replies