The Australian Taxation Office (ATO) has released a draft legislative instrument that proposes to allow government-related entities, and businesses entities that are recipients of a taxable supply, to issue a recipient created tax invoice (RCTI) under certain circumstances.
The draft legislative instrument, titled A New Tax System (Goods and Services Tax): Recipient Created Tax Invoice Determination 2023, also outlines the requirements of a written agreement between recipient and the supplier, and the requirements of a written agreement embedded in an RCTI.
Source KPMG
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