What are the requirements suppliers must adhere to in regards to compliance with the Goods and Services Tax (GST) legislation?
ATO Position A supplier will be required to register for the GST if their annual turnover meets the $50 000 annual turnover threshold for registration (s. 23-5 of A New Tax System (Goods and Services Tax) Act 1999 (‘the GST Act’)). A supplier must issue a tax invoice in respect of all taxable supplies that it makes (s. 29-70 of the GST Act). A tax invoice must give the recipient of the supply a tax invoice within 28 days after the recipient makes a request for a tax invoice (s. 29-70(2) of the GST Act). This must set out certain information and be in the approved form. The approved form is prescribed by the A New Tax System (Goods and Services Tax) Regulations 1999. In particular, regulation 29-70 details the information that must be contained in the tax invoice. Similarly, where there is an adjustment event relating to a taxable supply, an adjustment note must be issued by the supplier (s. 29-75(2) of the GST Act). A supplier must remit the GST to the Australian Taxation Office (‘ATO’
