SOURCE DOCUMENT POLICY

 

Diverse Business Consultants will request copies of the source documents for certain types of account transactions (ie insurance and registration) in order to correctly claim the GST. This needs to be balanced with providing a service to the business owner which supports them and alleviates their workload.


In the case where source documents have been requested and are not provided by the business owner in a timely manner to enable the business owner to meet their ATO obligations, we have the following provisions in place to guide your next steps:



Supplier purchase - If the value is <$82.50 inc GST.  

  • The business owner is to confirm how to allocate the purchase.

https://www.ato.gov.au/Business/GST/Claiming-GST-credits/When-you-can-claim-a-GST-credit/#WhenYouNeedATaxInvoice

Supplier purchase - If the value is >$82.50 inc GST. 

  • The business owner is to confirm in writing how to allocate the purchase and that they have the copy of the invoice at their premises.

https://www.ato.gov.au/Business/GST/Claiming-GST-credits/When-you-can-claim-a-GST-credit/#WhenYouNeedATaxInvoice


Capital purchase 

  • Generally, all GST.

Insurance

  • Last resort, use Colleen's stamp duty calculator for QLD available on Teamwork Helpdocs.


Registration

  • Find a similar client with a similar cost and code accordingly.


Equipment finance / loan documentation

  • Absolutely require this documentation.


WorkCover 

  • Same as insurance in QLD. Beware of discount.