{"id":3765,"date":"2022-09-07T09:38:51","date_gmt":"2022-09-06T21:38:51","guid":{"rendered":"https:\/\/accelerateonline.blog\/?p=1985"},"modified":"2022-10-11T14:53:40","modified_gmt":"2022-10-11T02:53:40","slug":"gst-invoicing-changes-are-coming","status":"publish","type":"post","link":"https:\/\/www.bdsaccountants.co.nz\/insights\/gst-invoicing-changes-are-coming","title":{"rendered":"GST invoicing changes are coming!"},"content":{"rendered":"<p>&nbsp;<\/p>\r\n\r\n\r\n<p>New rules modernising GST invoicing and record-keeping requirements will apply from 1 April 2023. The key change is removing the requirement to issue and hold a \u201ctax invoice\u201d document (which meets certain prescribed requirements on details required), and instead having GST requirements met provided specific GST information is held through various business records, for example commercial invoices or agreements.<\/p>\r\n\r\n\r\n\r\n<p>Tax invoices will be replaced by taxable supply information (TSI). This is a set list of information that must be provided to any GST-registered customers within 28 days of the date of supply. Information over and above current tax invoice requirements includes:<\/p>\r\n\r\n\r\n\r\n<ul>\r\n<li>the \u201ddate of the supply\u201d \u2014 when the time of supply is triggered, rather than the current tax invoice requirement of the date on which the tax invoice is issued<\/li>\r\n\r\n\r\n\r\n<li>for supplies over $1,000, the TSI must include the recipient&#8217;s physical address (if that information is available).<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>For supplies over $200 it will become mandatory to issue TSI to GST-registered customers within 28 days of the date of supply, and for supplies made to non-GST registered persons you have 28 days from when the customer requests the information.<\/p>\r\n\r\n\r\n\r\n<p>Other favourable changes include the increase of the low-value threshold from $50 to $200 where limited taxable supply information is required and the removal of IRD approval for issuing buyer-created tax invoices (to be replaced by written agreements between parties to confirm self-billing).<\/p>\r\n\r\n\r\n\r\n<p>The new invoicing rules have been designed with the intent that businesses issuing valid tax invoices now would not have to make any changes to comply with the new rules, however all businesses will need to be aware of the changes to ensure their business processes can manage the new GST requirements (i.e. accepting invoices which don\u2019t have the words \u201ctax invoice\u201d on them).<\/p>\r\n\r\n\r\n\r\n<p>We will have more information for you about the changes over the coming months.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; New rules modernising GST invoicing and record-keeping requirements will apply from 1 April 2023. The key change is removing the requirement to issue and hold a \u201ctax invoice\u201d document (which meets certain prescribed requirements on details required), and instead having GST requirements met provided specific GST information is held through various business records, for &hellip;<\/p>\n","protected":false},"author":2,"featured_media":3769,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[489,493],"tags":[117,524],"yst_prominent_words":[451,155,162],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v14.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GST invoicing changes are coming! - BDS Chartered Accountants<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bdsaccountants.co.nz\/insights\/gst-invoicing-changes-are-coming\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GST invoicing changes are coming! - BDS Chartered Accountants\" \/>\n<meta property=\"og:description\" content=\"&nbsp; New rules modernising GST invoicing and record-keeping requirements will apply from 1 April 2023. The key change is removing the requirement to issue and hold a \u201ctax invoice\u201d document (which meets certain prescribed requirements on details required), and instead having GST requirements met provided specific GST information is held through various business records, for &hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bdsaccountants.co.nz\/insights\/gst-invoicing-changes-are-coming\" \/>\n<meta property=\"og:site_name\" content=\"BDS Chartered Accountants\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-06T21:38:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-11T02:53:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bdsaccountants.co.nz\/wp-content\/uploads\/2022\/09\/blog-images4-e1665457354433.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1066\" \/>\n\t<meta property=\"og:image:height\" content=\"710\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.bdsaccountants.co.nz\/#website\",\"url\":\"https:\/\/www.bdsaccountants.co.nz\/\",\"name\":\"Buzarco\",\"description\":\"The Key To Unlocking Your Potential\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/www.bdsaccountants.co.nz\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.bdsaccountants.co.nz\/insights\/gst-invoicing-changes-are-coming#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.bdsaccountants.co.nz\/wp-content\/uploads\/2022\/09\/blog-images4-e1665457354433.png\",\"width\":1066,\"height\":710},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.bdsaccountants.co.nz\/insights\/gst-invoicing-changes-are-coming#webpage\",\"url\":\"https:\/\/www.bdsaccountants.co.nz\/insights\/gst-invoicing-changes-are-coming\",\"name\":\"GST invoicing changes are coming! - BDS Chartered Accountants\",\"isPartOf\":{\"@id\":\"https:\/\/www.bdsaccountants.co.nz\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.bdsaccountants.co.nz\/insights\/gst-invoicing-changes-are-coming#primaryimage\"},\"datePublished\":\"2022-09-06T21:38:51+00:00\",\"dateModified\":\"2022-10-11T02:53:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.bdsaccountants.co.nz\/#\/schema\/person\/058823f154fb90662a0055d74e1b5258\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.bdsaccountants.co.nz\/insights\/gst-invoicing-changes-are-coming\"]}]},{\"@type\":[\"Person\"],\"@id\":\"https:\/\/www.bdsaccountants.co.nz\/#\/schema\/person\/058823f154fb90662a0055d74e1b5258\",\"name\":\"BDS\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","_links":{"self":[{"href":"https:\/\/www.bdsaccountants.co.nz\/wp-json\/wp\/v2\/posts\/3765"}],"collection":[{"href":"https:\/\/www.bdsaccountants.co.nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bdsaccountants.co.nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bdsaccountants.co.nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bdsaccountants.co.nz\/wp-json\/wp\/v2\/comments?post=3765"}],"version-history":[{"count":2,"href":"https:\/\/www.bdsaccountants.co.nz\/wp-json\/wp\/v2\/posts\/3765\/revisions"}],"predecessor-version":[{"id":3813,"href":"https:\/\/www.bdsaccountants.co.nz\/wp-json\/wp\/v2\/posts\/3765\/revisions\/3813"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bdsaccountants.co.nz\/wp-json\/wp\/v2\/media\/3769"}],"wp:attachment":[{"href":"https:\/\/www.bdsaccountants.co.nz\/wp-json\/wp\/v2\/media?parent=3765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bdsaccountants.co.nz\/wp-json\/wp\/v2\/categories?post=3765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bdsaccountants.co.nz\/wp-json\/wp\/v2\/tags?post=3765"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.bdsaccountants.co.nz\/wp-json\/wp\/v2\/yst_prominent_words?post=3765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}