As of 1 April 2023 GST record keeping will be a little simpler and more flexible. Instead of the requirement for tax invoices, there will be a more general requirement to provide and keep certain records known as ‘taxable supply information’.
Taxable supply information
You’ll no longer need to keep sales and purchase information in a single physical document, such as a tax invoice, credit note, or debit note. Your transaction records, accounting systems and contractual documents should, in combination, contain all the information you need to support the figures in your GST returns.
Information requirements
The taxable supply information you need to keep depends on the value the purchase or sale.
For purchases/sales less than $200 the following information is required:
- Name of supplier
- Date of invoice, or if no invoice issued, date of supply
- Description of goods or services supplied
- Amount paid
For purchases/sales $200-1000, all of the above information is required plus:
- GST registration number of supplier
- If GST included – amount “including GST”
- If GST excluded – amount, GST, total
For purchases/sales over $1000, all of the above information is required plus:
- Recipient name
- Recipient details – one or more of the following – billing address, phone number, email, trading name, NZBN, website.
Review your systems
If your invoicing practices are compliant with the current rules, there is no need to change your systems as you will already comply with the new rules. The changes are designed for greater flexibility. We recommend using Xero as the best way to manage these requirements.
If you would like help, please get in touch.
For more information go to the IRD website.
