This Draft GST Ruling, released on Wed 25.7.2012, sets out the minimum information requirements for a tax invoice under s 29-70(1) of the GST Act.
It also explains the following:
- when a document is in the approved form for a tax invoice;
- the circumstances under s 29-70(1A) when a recipient of a document for a supply can treat that document as a tax invoice even though it does not meet all the tax invoice requirements;
- when a document is taken to be a tax invoice under s 48-57 for the purposes of a GST group even though the group member that is the recipient of the supply is not able to be identified from the document;
- s 29-70(1B) which allows the Commissioner to treat a particular document as a tax invoice even though that document does not meet all of the tax invoice requirements; and
- how the threshold for low value transactions under s 29-80(1) will apply such that a tax invoice is not required.
The Draft Ruling also specifically sets out special rules which affect tax invoices including certain types of taxable supplies:
- agents and insurance brokers – Subdiv 153-A;
- representatives of incapacitated entities – Div 58;
- supplies made on a progressive or periodic basis – Div 156;
- simplified accounting methods – Div 123;
- reimbursements of employees – Div 111;
- pre-establishment costs – Div 60;
- GST groups – Div 48; and
- GST branches – Div 54.
The Draft was previously issued as Draft GSTR 2011/D1 which is withdrawn on and from on Wed 25.7.2012.
DATE OF EFFECT: When the final Ruling is issued, it is proposed to apply on and from 1 July 2010.
COMMENTS are due by 7 September 2012.
[LTN 142, 25/7]