Quick Summary
Taxable supply information is a minimum set of details that buyers and sellers are required to keep as evidence of a transaction for GST purposes in New Zealand. This information replaced the previous 'tax invoice' requirements from 1 April 2023 and can be stored across multiple documents or systems.
Details
Defining Taxable Supply Information
'Taxable supply information' is the new standard for GST record-keeping in New Zealand, implemented from 1 April 2023. It's designed to be a more flexible approach compared to traditional tax invoices.
- Core Principle: It's the essential data buyers and sellers need to maintain to verify the details of a transaction.
- Variable Requirements: The specific information required can vary depending on the value and type of the supply made.
- Consolidated Records: Instead of a single invoice, your complete transaction records, accounting software data, and existing contractual agreements may collectively contain all the necessary taxable supply information to support your GST return entries.
Source: GST guide (IR375)