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Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
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Re: GST Credits and Income

Newbie

Views 99

Replies 2

Hi, 

 

I am a sole trader and submit quarterly BAS statements, for which I usually recieve a GST credit. 

Is this credit classed as income for my yearly individual tax return? 

 

Thanks, 

Lou

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Certified Response

ATO Community Support

Replies 1

Hiya @Louise_mcc,

 

GST credits you receive are not considered to be income. When claiming deductions you can't claim the GST inclusive amount, as you have already claimed the GST back as a credit.

 

Effect of GST credits on income tax deductions.

 

 

2 REPLIES 2

Most helpful response

ATO Certified Response

ATO Community Support

Replies 1

Hiya @Louise_mcc,

 

GST credits you receive are not considered to be income. When claiming deductions you can't claim the GST inclusive amount, as you have already claimed the GST back as a credit.

 

Effect of GST credits on income tax deductions.

 

 

Newbie

Replies 0

Thankyou!