Joshua Pty Ltd runs a furniture retailing business. During the tax year 19-20, Joshua provided customers with various loan arrangements to finance the purchase of furniture. Total expenses relating to the loan arrangements (specific loan calculation software and computers) totaled $33,000 (inc. GST) Joshua's total expenses during the year (All expenses to run the business included the $33,000) were $2.2 million (inc. GST). Joshua Pty Ltd is registered for GST purposes. 

Required: Discuss Joshua's Ability to claim the $3,000 Input Tax Credit?

Answer rating: 100% (QA)

To determine Joshua Pty Ltds ability to claim the 3000 input tax credit we need to understand the concept of input tax credits and their eligibility u... View the full answer