Missing Receipts-Tax

yesido

Please help me on Missing Receipts:

When employee claim expenses, if the receipts are missing, can the company still claim GST? I saw a $85 threashold somewhere before, but not sure at all.

If the company cannot claim GST, can the company still claim it as a cost for income tax purpose? Is there a threashold?

Many thanks.

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To claim GST credits, you must have a valid tax invoice for the goods and services that you purchase for your business. However, you can claim GST credits for business purchases you make up to $82.50 without holding a tax invoice as long as you keep records that support the claim (for example, cash register dockets or receipts). These records will also help you keep track of any GST credits you can claim.

oooo

If the company cannot claim GST, can the company still claim it as a cost for income tax purpose? Is there a threashold?

you still can claim it as business expenese for income tax purpose, there is no threshold as long as you satisfy section 8-1 (b) ITAA 97