Advice under development: Miscellaneous Tax Ruling MT 2024/1 Miscellaneous tax: time limits for claiming an input tax or fuel tax credit
Issue: Time limits for claiming GST and fuel tax credits
Category: GST
Type of advice: Draft update to Miscellaneous Tax Ruling
Status: Under development
Expected completion: Late 2026
Purpose: An update to MT 2024/1 is required to reflect recent legislative amendments in the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) and the Fuel Tax Act 2006 (FTA) to: | the attribution rules in section 29-10 of the GST Act and section 65-5 of the FTA for input tax credits and fuel tax credits, and | include a new GST exception to the 4-year credit time limit for input tax credits where attribution is impacted by a Commissioner’s determination. | The update will provide additional guidance and examples on the interaction of the credit attribution rules, objections and the 4-year credit limit, as well as explain the application of the new GST exception.
Referenced documents: MT 2024/1