Australia Tax Agency Seeks Comments on Draft Ruling on Claiming Input GST Credits

The Australian Taxation Office Feb. 21 opened a consultation on Draft Miscellaneous Taxation Ruling No. MT 2024/D1, expressing the Commissioner’s preliminary view on time limits for claiming input GST credits. The proposed binding ruling would clarify: 1) the limiting provisions under the GST Act permitting a four-year entitlement period to the credits, with exceptions; 2) determination of the end date of the four-year entitlement period; 3) the extent to which the credits are taken into account in an assessment; 4) when objections to assessments preserve a taxpayer’s entitlement to a tax credit; 5) the relationship between the limiting provisions, and ...