topic Re: Is GST Paid and input tax credit the same thing? in Community Spirit

Is GST Paid and input tax credit the same thing?

orabrush — Tue, 23 Sep 2014 09:30:58 GMT

Or does it have something to do with only paying GST at one stage? Like if a warehouse buys something from a manufacturer and the warehouse sells it to a shop.

Re: Is GST Paid and input tax credit the same thing?

fiestas*girl — Tue, 23 Sep 2014 09:57:07 GMT

in a word yes

the terminology is used interchangeably

Re: Is GST Paid and input tax credit the same thing?

happyroo_bunji — Wed, 24 Sep 2014 01:39:46 GMT

@orabrush wrote:
Or does it have something to do with only paying GST at one stage? Like if a warehouse buys something from a manufacturer and the warehouse sells it to a shop.

Ask people that matter the ATO. Their definition is the only one that matters

Re: Is GST Paid and input tax credit the same thing?

fiestas*girl — Wed, 24 Sep 2014 04:31:02 GMT

thanks Happy roo

As a tax agent, one who prepares all manner of taxation documents for teh ato and asseses tax payable based on taxation law I would have thought my answer would suffice

some poeple pay me ALOT of money for my taxation work

Re: Is GST Paid and input tax credit the same thing?

happyroo_bunji — Wed, 24 Sep 2014 06:48:09 GMT

@fiestas*girl wrote:
thanks Happy roo

As a tax agent, one who prepares all manner of taxation documents for teh ato and asseses tax payable based on taxation law I would have thought my answer would suffice

some poeple pay me ALOT of money for my taxation work

I didn't mean to insult you, I had no idea you are a tax agent.

Re: Is GST Paid and input tax credit the same thing?

2106greencat — Wed, 24 Sep 2014 23:33:29 GMT

fiesta - you could have put in your post that you are a Tax Agent -

I was also going to adivse the OP the same way happy did, we are not mind readers here, and as I didn't know the answer was correct, in all good faith would have suggested the ATO as well.

Don't feel happy has any reason to apologise.