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.