New laws surrounding GST rules for invoicing and record keeping.
In order to modernise and make keeping GST records easier, the Government is instating new laws surrounding the GST rules for invoicing and record keeping. These rules do not change how you calculate GST, but are created to set out the minimum set of records required to support the figures in your GST returns. In most cases, businesses’ current means of collecting information for these requirements will be compliant with the new changes.
A majority of these changes will come into effect on 1 April 2023, however there are some changes that have already come into effect as at 31 March 2022.
The changes already in effect simplify the requirements surrounding expense claims and buyer-created tax invoices. Two or more registered persons can now form supplier groups. To read the full explanations of these changes, click here. To find out more about the changes being implemented on 1 April 2023, click here.