We can only protect you from A.T.O. Harassment if you give us the best ammunition right from the start…
An estimated tax gap of $8.7 Billion is reason enough for the A.T.O. to clamp down on all claims and they have confirmed that this is the reason they will be scrutinising every Tax Return lodged this year, as the crackdown on illegitimate claims continues.
At INVISION, we readily recognise that it may be our accurate and well-kept records of transactions, in and out, that could be your best defence against the agony of an A.T.O. audit. But it’s a two-way street! Our records…prepared on your behalf… will only ever be as good as the initial information you provide to us. You need to require your suppliers to provide you with a PROPER TAX INVOICE…
What must be included in a Tax Invoice…
Tax Invoices need to include at least seven pieces of information to be considered ‘Valid.’ Depending on the value of the Invoice being discussed, there may be more requirements.
For sales of less than $1,000, the seven details are…
- The words “Tax Invoice” must appear…preferably at the top.
- The identity of the Seller, such as Business Name or Trading Name, must appear on the invoice. Contact details are optional but recommended.
- The Tax Invoice must carry the A.B.N. or A.C.N. of the Seller.
- The date the Tax Invoice was created must appear.
- A proper Tax Invoice needs to include a brief list of items or services being sold, including quantity and price.
- The G.S.T. amount (if any) payable must be covered. You can display G.S.T. for each item in a separate column, or within the total price. If you choose not to display it separately, you need to use a statement such as “Total includes G.S.T.” as this is needed for the next detail.
- A valid Tax Invoice needs to show the extent to which each item sold includes G.S.T. This requirement is met if the invoice either…
– Shows the G.S.T. amount for each item AND Clearly states that the total price includes G.S.T.
And for all Tax Invoices for amounts of $1,000 or more the Buyer’s identity or A.B.N. is a necessary requirement for a valid invoice.
Take the first step towards cleaning up your Invoicing Act today. If you don’t consider this to be a top priority, just take a minute to consider the consequences!
We can help you with this…
Call or email Alan and his INVISION Team today and hear the good news about how simple and easy our systems can be for you and how the quality and correctness of your invoicing can keep your Business safe from the probing procedures of the Taxation Regulators!
Tel: 07 3293 1436