GST Changes from 1 April 2023

From 1 April 2023, GST registered persons will not be required to hold tax invoices in order to claim back GST.

Instead a "taxable supply approach" can be taken that requires a set list of information be provided to any GST registered customers within 28 days of the date of supply. The set list includes the information currently required for a tax invoice and adds:

• the date of supply (when time of supply is triggered) rather than the date on which the tax invoice is issued; and
• for supplies over $1,000, the taxable supply information must include the recipient's physical address.

In practical terms, you can continue the tax invoice approach or provide the set list of information to GST registered customers within 28 days of the date of supply. For non GST registered customers, you have 28 days from when the customer requests the information.

There are other changes with respect to buyer created invoices and debit/credit notes which we would be happy to discuss if you are impacted by these changes.

Prepared by Chris Ng