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Changes to the GST invoicing requirements

Changes

  • A number of drafting changes intended to address inconsistencies and improve legislative clarity. However, the drafting is still cumbersome, and further issues
    may need to be addressed as remedial changes.
  • References to the old terms “tax invoice”, “credit note” and “debit note” are preserved for existing contracts.
  • Simplified requirements for lower value transactions (i.e. less than $1,000
  • Removal of the proposed new requirement to provide taxable supply information on the day of the supply. Forsupplies made to non-GST registered persons, suppliers have 28 days from when the customer requests the information. For supplies made to GST registered persons, suppliers have 28 days from the day of the supply to provide the information. Under current law, there is only one rule – i.e. a tax invoice is only required to be issued to a GST registered person within 28 days of a request.
  • Removal of the requirement to record the “time of supply or anticipated time of supply”.
  • Removing the requirement to keep a record of all issued copies of invoices.
  • Under the rules for GST registered persons issuing shared invoices (other than GST groups, which have separate rules) the joint and several liability requirement has been
    removed. GST groups remain joint and severally liable for GST group members’ GST obligations.
  • There are no requirements to use e-invoicing yet in New Zealand. However, the Government has committed to ensuring that all central Government agencies are capable of receiving e-invoices by 31 March 2022.

Source PwC

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