Welcome to our January 2023 newsletter!
New rules on GST invoicing apply from 1 April 2023. These changes have been designed for 21st century business record-keeping and modernise invoicing rules in place since 1986, based on paper-based record-keeping systems.
The rules are permissive, so businesses can issue current tax invoices without falling foul of the new rules. However, this doesn’t mean you can ignore them. Your suppliers and customers may introduce changes to their systems stemming from the new rules. You need to be ready to cope with receiving ‘taxable supply information’ in different formats, as opposed to a ‘tax invoice’.