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Changes aimed at modernising GST rules for invoicing and record keeping are being introduced to allow for greater flexibility. How you calculate GST is not changing, only the rules relating to invoicing and record keeping.

These new rules may mean you’ll need to update some of your business processes and systems so please read on to learn how these could affect you,

Changes coming from 1 April 2023

From 1 April 2023, there are changes to terminology, rules, and documentation requirements, these include:

• The requirement to use tax invoices is being replaced by a more general requirement to provide and keep certain records known as ‘taxable supply information’.
• You’ll no longer need to keep a single physical document holding the taxable supply information, such as a tax invoice, credit note, or debit note.
• Your transaction records, accounting systems and contractual documents may, in combination, contain all the information you need to support the figures in your GST returns.
• However, as taxable supply information also includes tax invoices, you can keep using tax invoices if you wish.
• The information you need to provide or keep depends on the value and the type of supply.
• Taxable supply information can be provided using an automated direct exchange between a buyer’s and seller’s software, for example PEPPOL e-invoicing.

For more information contact us!