BYEBYE TAX INVOICES

Tax invoices are to disappear. Instead, you’re going to need to retain “taxable supply information”. This can be in any format, but will have to include:

• “Prescribed information” - identifying the supplier and the recipient
• name of entity receiving the supply and information about the supply
• how much was paid
• the date of supply
• description of the goods or services supplied
• amount of GST charged (which can be on an inclusive basis).

As you can see, you’re going to have to hold much the same information, but it could be held on your computer in any form, such as a quote.

Copy invoices will no longer need to state, “copy only”.