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Articles
Retention of Title Clauses ? Don?t Sell Goods Without Them!
GST ? Going Concern
GST Funding
GST and the Disposal of Motor Vehicles
Directors and Officers Insurance ? Is It Worth It?
Medicare Levy Surcharge
Most Common Rental Property Deductions
GST on Credit Card Surcharge
Unsolicited (and Undervalued) Share Offers Restricted.
When Does Sport Become a Profession?
Tax Invoice Requirements:-
GST & Pricing
Family Law ? Superannuation Changes
Companies with Unpaid Tax Debts

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Tax Invoice Requirements:-
Although we have had GST now for more than two years, we still see errors.

The information to be shown on a tax invoice varies according to the total amount payable.  The following table is a general guide:-

Attributes Tax Invoice (Supplies less than $1,000) Tax Invoice (Supplies of $1,000 or more)
?Tax Invoice? stated prominently X X
Date of issue X X
Name of supplier X X
ABN of supplier overhead costs X X
Name of Recipient - X
Address of ABN Recipient - X
Brief Description of each thing or Services Supplied X X
For each description, the quantity of the goods ore the extent of the services supplied - X
The GST-inclusive price of the taxable supply X X
If GST payable equals 1/11th of total price, either:- X X
- a statement such as ?The total price includes GST?, or - -
- the total amount of GST - -
If GST payable is less than 1/11th of total price: X X
- the amount payable (excluding GST), and - -
- the total amount of GST - -

If the value of a taxable supply is $50 or less (that is the price including GST is $55 or less) a supplier does not have to issue a tax invoice and a recipient can claim their input tax credit without holding one, although they should retain a receipt or any other evidence of purchase.



























24th-October-2003