Can I claim brokerage fee back?

[GreatPig]

I believe you can only claim 75% of the GST you have paid on brokerage/fees

Well last year I claimed 100% on my GST return, using the figure my accountant told me to (which was the total GST paid on brokerage during the year) and the ATO refunded the whole amount. The expenditure (ie. brokerage+GST) was just listed in the return as non-capital purchases, so I guess they'd have had no idea it was for GST on brokerage unless they checked what the company's business was.

And I've been told to do the same again this year, using the total GST figure, and have already sent in the return with that amount.

Not saying my accountant is necessarily right either, but it's good enough for me until proven otherwise.

GP

 

[yonnie]

Great Pig,

didn`t you claim the gst on car costs, professional papers/magazines, telephone, internet, power, office costs etc.?

BTW: you should expect your accountant to know all the ins and outs of Gst.
If he was my accountant and he proved to be wrong, I would surely get another one.

 

[GreatPig]

He hasn't been wrong on anything yet that I'm aware of, but then I haven't been audited to find out.

GP

 

[yonnie]

yonnie,

"also if a trader has a turnover lower than $ 50,000, he is able to claim 100% of GST."

Thats interesting - I didn't know that. Would you be able show me where this is from? legislation or ATO website etc.

Thanks,

Hyperion

just found it on the ATO website.

yes it has to do with the financial acquisitions threshold.

go to Financial questions issue no 4.4 and no 7.

you will find the answers there.

could you let me know what the exact explanation is?
thanks

from what I read is that as long as you dont spend more than $ 50,000 on cost like brokerage associated with acquiring or disposal of shares, you can claim 100% of the gst.