Quick Summary
From 1 April 2023, the requirement to use tax invoices has been replaced by a more general requirement to provide and keep 'taxable supply information'. This new system means buyers and sellers need to retain a minimum set of information as evidence of a transaction, which no longer needs to be in a single physical document.
Details
Taxable Supply Information: The New Standard
As of 1 April 2023, the Inland Revenue Department (IRD) in New Zealand has streamlined the record-keeping requirements for GST. Instead of strict 'tax invoice' rules, businesses now comply with 'taxable supply information' requirements.
- What it means: Taxable supply information refers to a minimum set of details that both buyers and sellers must keep to evidence a transaction.
- Flexibility: This information does not need to be contained within a single physical document. It can be compiled from various sources, including transaction records, accounting systems, and contractual documents.
- Purpose: The goal is to ensure that businesses have sufficient evidence to support the figures reported in their GST returns.
Source: GST guide (IR375)