Modernising record keeping for GST

Changes aimed at modernising GST rules for invoicing and record keeping are being introduced. Some changes came into effect on 30 March 2022, but the majority come into effect on 1 April 2023.

The changes are designed to be less restrictive and give GST customers greater flexibility.

From 1 April 2023, there will be new terminology to support flexible record keeping practices, for example, the term 'taxable supply information' will replace the current term 'tax invoice'.  

Key features from 1 April. 

• New information requirements will need to be met based on the value and type of supply. 
• Transaction records, accounting systems and contracts can be used to meet the information requirements. 
• A single document that holds all the taxable supply information will no longer need to be kept, such as a tax invoice, credit note or debit note. 
• Taxable supply information can be provided using an automated direct exchange between a buyer's and seller’s software, for example PEPPOL e-invoicing. 

Rules for tax invoices are changing on 1 April 2023