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Draft RCTI changes now open to public consultation

Just when you think you’ve got the hang of Recipient Created Tax Invoices – a new change looms. Here’s the latest on the Australian Commissioner’s newly proposed changes to the rules for issuing a Recipient Created Tax Invoice (RCTI) and how it could potentially affect your GST invoice treatment.

Who is eligible to issue a recipient-created tax invoice?

For a business to claim input tax credits, it must hold a valid tax invoice (or valid RCTI). Therefore, ensuring compliance is critical to meet GST requirements. In most cases, the supplier of a taxable supply (e.g. the service provider) will issue a tax invoice to the recipient (e.g. the customer).

Source VATit

 

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