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Tax Invoice Compliance - Rogerson Kenny Business Accountants

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Rogerson Kenny Business Accountants presents
BUSINESS FINANCE 101: Tax Invoice Compliance

Running a business means having to meet tax obligations established by the ATO. One basic requirement that is important for businesses – regardless of size – to get right from the beginning, is the Tax Invoice.

Chances are you’ve sent an invoice already.
But do you feel confident about the rules that regulate your Tax Invoice obligations?

“So what do I need to include in a tax invoice?”
A tax invoice for sales of less than $1,000 must include these 7 pieces of information:

1. It needs to be clear that the document is intended to be a tax invoice.
2. It must state the seller’s identity.
3. The seller's Australian business number (ABN).
4. Date when the invoice was issued.
5. A short description of the items sold, including the quantity (if applicable) and the price.
6. The GST amount (if any) payable – this can be shown separately or, if the GST amount is exactly one-eleventh of the total price, as a statement such as 'Total price includes GST'.
7. Information about how much of the invoice is a taxable sale (that is, the extent to which each sale includes GST).

If your tax invoice is for sales of $1,000 or more you must also show the buyer's identity or ABN, which we think is good practice for any invoiced amount.

Not sure you’re doing it right? Compare your invoice against the example from the ATO for invoices greater than $1,000: https://www.ato.gov.au/business/gst/issuing-tax-invoices/#taxableandnontaxablesales

Still have questions? Contact Rogerson Kenny Business Accountants on 03 9802 2533.

Rogerson Kenny Business Accountants
Phone: 03 9802 2533
Mail: mail@rogersonkenny.com.au
Suite 13, 241 Blackburn Road
Mount Waverley, Victoria, Australia

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Tax Invoice Compliance - Rogerson Kenny Business Accountants

  1. 1. ROGERSON KENNY BUSINESS ACCOUNTANTS PRESENTS: ‘. BUSINESS FINANCE 101: ‘ TAX INVOICE I‘ , COMPLIANCE E? ‘ I) j . ‘ _ A I I. ‘I ROGERSONKENNY. COM. AU LA! ’-B_ . .!. a_, '.’fil$'. ‘ I 03 9802 2533 A
  2. 2. RUNNING A BUSINESS MEANS HAVING TO MEET TAX OBLIGATIONS ESTABLISHED BY THE ATO. One basic requirement - that is important for businesses - regardless of size — to get right from the beginning, is the Tax Invoice.
  3. 3. CHANCES ARE YOU'VE SENT AN INVOICE ALREADY. But do you feel confident about the rules that regulate your Tax Invoice obligations?
  4. 4. “So what dol ’ needto include in a tax invoice? ”
  5. 5. A TAX INVOICE FOR SALES OF LESS THAN $1,000 MUST INCLUDE THESE 7 PIECES OF INFORMATION: Q) It needs to be clear that the document is intended to be a tax invoice.
  6. 6. A TAX INVOICE FOR SALES OF LESS THAN $1,000 MUST INCLUDE THESE 7 PIECES OF INFORMATION: @ It needs to be clear that the document is intended to be a tax invoice. Q) It must state the seller's identity.
  7. 7. A TAX INVOICE FOR SALES OF LESS THAN $1,000 MUST INCLUDE THESE 7 PIECES OF INFORMATION: @ It needs to be clear that the document is intended to be a tax invoice. Q) It must state the seller's identity. @ The seller's Australian business number (ABN).
  8. 8. A TAX INVOICE FOR SALES OF LESS THAN $1,000 MUST INCLUDE THESE 7 PIECES OF INFORMATION: @ It needs to be clear that the document is intended to be a tax invoice. Q) It must state the seller's identity. @ The seller's Australian business number (ABN). Q) Date when the invoice was issued.
  9. 9. A TAX INVOICE FOR SALES OF LESS THAN $1,000 MUST INCLUDE THESE 7 PIECES OF INFORMATION: A short description of the items sold, including the quantity (if applicable) and the price.
  10. 10. A TAX INVOICE FOR SALES OF LESS THAN $1,000 MUST INCLUDE THESE 7 PIECES OF INFORMATION: A short description of the items sold, including the quantity (if applicable) and the price. @ The GST amount (if any) payable — this can be shown separately or, if the GST amount is exactly one—eleventh of the total price, as a statement such as ‘Total price includes GST’.
  11. 11. A TAX INVOICE FOR SALES OF LESS THAN $1,000 MUST INCLUDE THESE 7 PIECES OF INFORMATION: A short description of the items sold, including the quantity (if applicable) and the price. @ The GST amount (if any) payable — this can be shown separately or, if the GST amount is exactly one-eleventh of the total price, as a statement such as ‘Total price includes GST’. Q/ D Information about how much of the invoice is a taxable sale (that is, the extent to which each sale includes GST).
  12. 12. If your tax invoice is for sales of $1,000 or more you must also show the buyer's identity or ABN, which we think is good practice for any invoiced amount.
  13. 13. NOT SURE YOU'RE DOING IT RIGHT? Compare your invoice against the example from the ATO for invoices greaterthan $ 1,000. llTax invoice 8 Windows to Flt Pty Ltd ABN: 32 123 450 789 E [I Date: 1 August 2013 To: Building Companyfl 254 Burshag Road Festler NSW 2755 Description of supply Unit price GST Total Window Irames $150 $15 $8.250 15 Burshag Road Festler NSW 2755 TOTAL AMOUNT PAYABLE The total price includes GST https: //www. ato. gov. au/ business/ gst/ issuing- tax-invoices/ lttaxableandnontaxablesales
  14. 14. STILL HAVE QUESTIONS? Contact Rogerson Kenny Business Accountants on 03 9802 2533.
  15. 15. J ROGERSON KENNY BUSINESS ACCOUNTANTS MAIL@ROGERSONKENNY. COM. AU SUITE 13, 241 BLACKBURN ROAD MOUNT WAVERLEY, 3149 VICTORIA, AUSTRALIA ROGERSONKENNY. COM. AU 03 9802 2533

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