If I use a simplified GST accounting method, what happens if a customer needs a tax invoice to claim a GST credit?
A. If the price of a sale is $82.50 or less (including GST), you don’t have to issue a tax invoice and your customer does not need one to claim the GST credit. Any documentary evidence (for example, cash register receipts) is sufficient. If the price of the sale is for more than $82.50 (GST inclusive), you have to issue the tax invoice within 28 days to your customer. If your system can not generate a tax invoice then you must manually prepare one. Q. With the snapshot method, if I start my business during the year, say in September, do I have to wait until a later tax period to start using the snapshot method? When should I take a snapshot of my trading? A. No. If you start your business part way through the financial year, you can use the snapshot method for your first tax period, as long as your first sample period is in the first two months of trading. Q. If my business has been operating for years, but I choose to use the snapshot method from 1 September, do I have to wait until t
Related Questions
- What happens when Los Angeles and another jurisdiction both attempt to tax the same customer for the same service?
- If I use a simplified GST accounting method, what happens if a customer needs a tax invoice to claim a GST credit?
- Would the tax value method move the tax law further away from accounting principles?
