Rules for tax invoices are changing on 1 April 2023.
The new rules surrounding tax invoices have recently been released by Inland Revenue. These rules come into action on the 1st of April 2023. The new term ‘taxable supply information’ is a more general requirement, and will be replacing the current requirements of ‘tax invoices’. Some of the changes include-
|Old term||New term|
|Tax invoice||Taxable supply information|
|Debit note/credit note||Supply correction information|
|Buyer-created tax invoice||Buyer-created taxable supply information|
‘Taxable supply information’, which replaces the current ‘tax invoice’ requirement, now allows you to hold all the information you need for the requirements in any capacity, so long as all the information is there.
Here are the new threshold changes and requirements:
Amounts less than $200
• Name of supplier
• Date of the invoice (or if there is no invoice, the time the goods were supplied)
• A description of goods or service
• Amount paid
At minimum you are required to have a piece of paper (or stored electronically) that confirms the transaction and the above information.
Amounts between $200 and $1,000
The above requirements and in addition…
• GST number
• Either the GST exclusive amount, the amount of GST being added and the GST inclusive amount or the GST inclusive amount and a statement saying it is GST inclusive.
Amounts over $1000
All of the above requirements and in addition the buyers details, which entails the below…
• Phone number
• Email address
• Trading name if different from the name of the supplier
• New Zealand business number or URL address for their website. We take the word “their” to be the address for the New Zealand business number, which is https://www.nzbn.govt.nz/
For an extensive list of these changes, please refer Inland Revenue HERE.