Can GST be claimed on second-hand assets?

Yes, the general rule is that you can claim back the GST on your purchase.

If you don’t have an invoice, you’ll still need to record the following:

  • name and address of the supplier
  • date of the purchase
  • description of the goods
  • quantity of goods
  • price paid.

The only exception to this general rule is if you’re buying from someone associated to you. So if you buy a car from your brother and he’s not GST registered then you can only claim the lowest of:

  • purchase price, or
  • current market value, or
  • GST component (if any) of the original cost of the goods to the supplier.

This is to prevent any tax shenanigans between mates or family!


How useful was this post?

Heaps more great posts like this..

On our social media.

Sorry you didn't enjoy this post.

Give us some feedback.