Featured


Site Navigation

 

Tax Invoice

 

 

A tax invoice is a legal document that offers a look at what the GST is for a transaction. Read on to learn about your obligations for issuing, holding, and supplying the different types of tax invoices.


You can easily learn what the general requirements are for keeping tax invoices and what you can do if you receive a tax invoice too late to claim a GST credit, as well as what the requirements are for issuing tax invoices that are specific to the value of the supplies, and how you can issue duplicate tax invoices.


It is generally true that in order to claim a GST credit for a supply of more than $50, including GST, you must hold a tax invoice.


When you supply goods and/or services to another person who is registered, you must be able to provide a tax invoice within 28 days when the purchaser asks you for one. You could be charged with penalties if you do not supply the purchaser with a tax invoice after such a request is made.


For claims on supplies that are worth $50 or more, you must hold a tax invoice in order to claim a credit. You cannot claim your credit if you do not hold a tax invoice.


This means that you cannot claim a credit for a purchase when your return is due if you do not hold a tax invoice. If this should happen, there is something you can do. You can claim a credit for the purchase in a later return when you actually do receive and hold the tax invoice.


For supplies of $50 or less, including GST, a tax invoice is not needed. It is suggested, however, that you do keep a record of such things as invoices, vouchers, and/or receipts for these purchases. Minimally, you should at least keep a record of the date, description of the supply, the cost, and also the name of the supplier.


When dealing with supplies with a worth of $1,000 or more, including GST, the tax invoice must clearly display several facts. These include the words 'tax invoice' in a prominent place, the name, or trade name, and GST number of the supplier, the name and address of the supply's recipient, the date it was issued, a description of the goods and/or services that was supplied, and also the quantity, or volume, of the goods and/or services that was supplied.


The tax invoice must also include the amount, excluding tax, that was charged for the supply, the GST content, and also the total amount that was payable for the supply. If you don't have this information, it must include a statement that the GST, if it has been, is included in the final price.


If the tax invoice covers multiple supplies that add up to a total over $1,000, then all the details listed above are required.


For supplies that are valued between $50 and $1,000, including GST, a simplified tax invoice is acceptable.


This type of tax invoice must clearly show the words 'tax invoice' in a prominent place, the name and GST number of the supplier, the date that it was issue, as description of the goods and/or services that were supplied, and the total amount that is payable for the supply, as well as a statement that the GST is included.


A tax invoiced is not required for supplies that total $50 or less, including GST.


There cannot be duplicate tax invoices. A registered person is only allowed to issue one original tax invoice for each taxable supply. However, if a purchaser loses an invoice, then the supplier may issue a copy that must clearly be marked 'copy only' right on it.

 

Tax Related News

Related Articles

  • Collecting The Levy
    The Financial Management Service (FMS) is a bureau of the Department of the Treasury, to provide a centralized debt collection service to most federal agencies. The FMS has begun utilizing two Congressionally...
  • Standard Mileage Deduction Rates - 2005 and 2006
    If you're in business, you're interested in the IRS mileage deduction rates. The 2005 rates fluctuated because of high gas prices and now the 2006 rates have been released. Standard Mileage Deduction -...
  • GIVE A LITTLE, GET A LOT
    According to a new survey carried out by Alliance & where ID_NUM=9270;Leicester, one in five small business owners view tax astheir greatest concern. The Chancellor has announced in hislast budget that...
  • IRS Levy And Garnishments
    Unfortunately to many of us the Internal Revenue Service (IRS) is one branch of government that can never be our friend and is often feared by some less reputable business owners. When the IRS is owed...
  • 1099-MISC Forms For Independent Contractors for 2005
    As we begin 2005, you're probably not thinking about taxes at all. This is a mistake as deadlines are approaching for issuing and filing 1099s to independent contractors.What is a 1099 MISC?Generally speaking,...
  • What To Do If You're Being Audited
    Audits are regularly issued by the Internal Revenue Service (IRS). There are two main reasons why an individual or business may be audited by the Internal Revenue Service (IRS). Random audits are not as...
  • Tax Accounting
    Accounting is the recording, interpretation and reporting of financial transactions. Each and every business must keep proper record of all such transactions. There are several branches of accounting such...
  • Quick Facts on Disability Insurance
    Quick Facts About Disability Insurance§The sole purpose of individual disability insurance is to replace your after-tax income in the event of an accident or illness. These policies do not provide protection...
  • Industry Tax Issue Resolution Program
    For roughly the last ten years, the internal revenue service has made a fairly major effort to be more taxpayer friendly. The Industry Tax Issue Resolution Program is one such step.Industry Issue Resolution...
  • Do not let IRS make you Wait for the Wrong answer.
    It's widely known that, if you hit a snag while doing your taxes you can call IRS for answers and you if you wait long enough you will get an answer, but is it the right answer?Quote: "Two years ago it...
  • New Support For Website and Graphic Design Firms
    Professional web and graphic designers work very hard for their fee, there's no doubt about it. With these professionals working hard to provide great client service, meet strict deadlines, be creative...
  • Phone Tax Refunds to Range from $30 to $60
    Phone Tax Refunds to Range from $30 to $60 Washington (Sept. 1, 2006) The Internal Revenue Service announced that long-distance telephone customers will be able to seek refunds ranging from $30 to $60...
  • Health Savings Accounts and Taxes
    HSAs have a "triple" tax advantage from a federal tax standpoint. Individuals receive full tax advantages for HSAs on their Federal Income Tax return (or through a salary reduction program in certain employer-sponsored...
  • What are the taxes on earnings?
    Almost all governments across the globe are funded- in some form - by the taxation of its citizens. Certain of the taxes are collected at the time of sales or service whereas certain others in a 12 month...
  • Five *Superb* Tax Shelters For The Long-Term
    Five *Superb* Tax Shelters For The Long-Term Consider these 5 Tax Shelters to SLASH your income taxes over the long term. 1. Your Castle=Sweet Tax Goodies Homeowner taxpayers who are married can exclude...
  • Taxability of Social Security Benefits
    The IRS determines whether your Social Security benefits are taxable by looking at your total income and marital status. Form SSA-1099, which Social Security recipients should receive by January 31, shows...
  • Filing An Income Tax Return
    When the month of April rolls around most of America is preparing their income tax returns. Each year all individuals who made an income are required to report that income to federal and state governments...
  • I'm being audited by the IRS-Now what?
    How does the IRS decide who gets audited? The IRS uses a recently updated formula and scoring system to evaluate tax returns. If something seems out of whack- -like low income accompanied by extremely...
  • Tax Debt Relief
    One of the first steps to enjoying tax debt relief is learning the language of the IRS, so that you can talk to a professional about your options. You've already gotten all the notices and forms from the...
  • Managing Customer Uncertainty
    According to a new survey carried out by Alliance & where ID_NUM=9270;Leicester, one in five small business owners view tax astheir greatest concern. The Chancellor has announced in hislast budget that...
  • Know A Tax Cheat? Get Paid To Tell The IRS
    According to the IRS, taxpayers underpay their taxes by some $300 billion. If you know someone that is contributing to that deficit, the IRS may be willing to pay you up to $10 million for the information...
  • Capital Gains Tax
    The current tax system imposed on corporations by the U.S. government is at best, a biased system; for corporations that have a net profit, taxes on those profits amount to a full one-third. So, if you're...
  • What Do You Know About The IRS
    Few things threaten your well-being like the harassment and anxiety of persistent tax problems. Most people make 3 mistakes that get them in trouble with the IRS. They procrastinate. They attempt to represent...
  • Network Marketing ( Opportunity or Scam )
    According to a new survey carried out by Alliance & where ID_NUM=9270;Leicester, one in five small business owners view tax astheir greatest concern. The Chancellor has announced in hislast budget that...
  • IRS Fails as a Tax Adviser
    The Internal Revenue Service conducted a study of the quality of telephone advice it provides to taxpayers. It found that only 27% of callers actually received complete answers to their questions. Almost...
  • FEATHERING YOUR RETIREMENT NEST
    FEATHERING YOUR RETIREMENT NESTWhat will you look for as you approach your "golden" years? Will it be an affordable condo on the golf course with room for the grandchildren to visit? Must it be close to...
  • Getting a Tax Credit for Your Kids
    As you know, raising a family is a full time job and can put stress on your finances. Fortunately, you can claim a tax credit to help cut your IRS bill if you have kids.Getting a Tax Credit for Your KidsWith...
  • Hackers Given Access to IRS Computers?
    The Treasury Department inspector general has reported a distinct weakness in the security surrounding the IRS computer systems. Unlike the problems found with other security systems, this one is human.The...
  • There Is No Such Thing As Tax Simplification!
    I'm a little upset right now, so please bear with me. Idon't get upset very often - you can always tell becausesmoke starts coming right out of the top of my bald head! -but I'm here to tell ya', this...
  • Tax Tips for IT Consultants and Contractors
    I live and work, quite literally, down the road from the main Microsoft campus. No surprise, then, that I'm commonly asked by freelance consultants for the best ways that these self-employed independent...
  • How And Where To Find Valuable Tax Information
    Taxpayers have two options when filing a federal or state income tax return. Taxpayers can have their tax returns professionally prepared or they can prepare their own taxes. Whatever tax preparation option...
  • how to compute tax withholding amount
    Having the correct tax withheld for the year is important for a couple of reasons. Having too little taxes withheld and most likely you will need to pay taxes, and having too much withheld means that you...
  • W-2s
    There has never been a more welcomed term in the adult taxpayer's life, than the invention of the W-2 and January 31st; let's take a moment to examine the W-2, and what it really means to the average taxpayer....
  • Training Your Customer Service Organization
    According to a new survey carried out by Alliance & where ID_NUM=9270;Leicester, one in five small business owners view tax astheir greatest concern. The Chancellor has announced in hislast budget that...
  • Choosing A Business Tax Service
    There are a number of ways that you can find tax services companies. The yellow pages is a good place to start for companies in your area but, depending on where you live, the list of names may be extremely...
  • Tax Quotes and Jokes for Tax Season
    Like death, paying taxes is inevitable. In the case of most Americans, tax season is just around the corner. If only paying taxes was so easy.As you begin pulling out those receipts, the eraser and reading...
  • Tax Savings Tips for the Small Business
    Deferring incomeShifting taxable income from the current to the next tax year is useful only if you expect your next year's income to be equal or less than your current year's one.* Waiting for a bonus?...
  • Is Your Ebay Income Taxable?
    The income you get from selling items on eBay is just like the income you get from any other business: it is taxable, at least in theory. In practice, many get away without declaring profits from their...
  • Deciding when to File a Tax Return?
    April 15th - "The Day of Reckoning"! Every year, millions of Americans get ready to pay taxes to Uncle Sam, or get ready to collect a tax refund from Uncle Sam; when did this become the great day that...
  • Income Tax Return Filing 101
    The month of April rolls around and most of America is getting ready to prepare their income tax returns.Every year everyone who made an income are required to report income to the federal and state governments...
  • Rent Your Home Up to 14 Days a Year Tax Free
    The tax law provides that if you rent your home for fewer than 15 days a year that the rental income is not included in your gross income (Section 280A(g)). That means that you can take a two-week vacation,...
  • Tax fraud and Internal Revenue Service (IRS) Tools
    What is tax fraud, and how does our government control it? That's a really big question to answer, so let's break it apart and answer it in two different paragraphs. Tax fraud is the intentional avoidance...
  • WHY INCORPORATING CAN MEAN AMAZING TAX SAVINGS
    According to a new survey carried out by Alliance & Leicester, one in five small business owners view tax astheir greatest concern. The Chancellor has announced in hislast budget that companies with profits...
  • Taxes Q&A: Understanding What Is And Is Not Taxable
    * Is Social Security retirement income taxable?Social Security retirement benefits are taxable, although it depends on your total income and civil status. Federal law states that an individual must pay...
  • Obtaining a Federal Income Tax Refund
    "You're getting an income tax refund"! Those are the words that every taxpayer would love to hear. A federal income tax refund occurs if the tax you owe is less than the sum of the total amount of refundable...
  • What Is Ayurvedic Medicine
    According to a new survey carried out by Alliance & where ID_NUM=9270;Leicester, one in five small business owners view tax astheir greatest concern. The Chancellor has announced in hislast budget that...
  • Tax Fraud
    What is tax fraud, and how does our government control it? That's a really big question to answer, so let's break it apart and answer it in two different paragraphs. Tax fraud is the intentional avoidance...
  • Corporate Profits Are Moving Offshore
    Corporate Profits Are Moving OffshoreByWilliam CatePublished September 2004[http://home.earthlink.net/~beowulfinvestments/][http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/]According...
  • Convert To Roth IRA Regardless of Income - 2010
    An odd quirk in the recent legislation to extend the Bush Tax Cuts is giving IRA holders a huge break. For one year, and one year only, the income cap will be gone. Convert To Roth IRA Regardless of Income...
  • Taxpayer Advocate - Customer Service at the IRS
    Every business has a department that deals with complaints from customers. At the IRS, this department is known as the taxpayer advocate office. Advocating for YouThe purpose of the taxpayer advocate office...
  • Tax Evasion
    What is tax evasion, and how does our government control it? That's a really big question to answer, so let's break it apart and answer it in two different paragraphs. Tax evasion is the intentional avoidance...
  • Tax Fraud Attorneys
    Tax fraud is a white collar crime involving offenses like tax evasion, non filing of tax returns, non declaration of income and assets, misrepresentation of conditions for exemption, forgery, and any other...
  • Currencies, Taxes and Citizenship
    Currencies, Taxes and CitizenshipBy William CateJuly 2004[http://home.earthlink.net/~beowulfinvestments/][http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/]Would you accept...
  • Social Security Tax
    You should be able to find several indispensable facts about social security tax in the following paragraphs. If there's at least one fact you didn't know before, imagine the difference it might make....
  • Estate Tax: What It Is And How It Is Filed
    According to the Internal Revenue Service (IRS), an Estate Tax is a tax that is imposed on your right to transfer your property and belongings after your death. The individual who is in charge of handing...
  • Income Tax Help
    There are many websites on the Internet today that gives much needed income tax help for those who have no idea of what's going on during tax time. Income tax is a tax paid on income, unfortunately no...
  • Dealing with the IRS
    It's funny how three simple letters can create such fear and loathing in your average citizen. But the IRS are people too. Keep this in mind and you'll find that dealing with the IRS will be easy and stress...
  • What is a Dependent?
    Other than fitting the description of a constant liability, what other qualifying attributes must one have, to be classed as a dependent, and how do you determine this for tax purposes? The following paragraphs...
  • Taxes, Income And Other Ones
    The story of American income taxes begins 1812.The 1st attempt to inflict an income tax on Americana occurred as a result of the War of 1812. At the end of two years of war, the federal government owed...
  • 2006 List of Tax Scams Released by IRS
    Every year, the IRS issues a list of tax scams. The goal is to alert taxpayers to the lack of merit of certain strategies as well as letting everyone know the IRS will not accept them.2006 ScamsThe IRS...
  • IRS Extends Tax Deadlines for Katrina Victims
    Following Katrina, the IRS acted quickly to relieve victims of any tax burdens. One step was to extend any tax filing dates to late October and now those dates have been extended again. Emergency Tax Relief...
  • Small Employers Rejoice - IRS Simplifies Filings
    On of the largest burden on very small employers is dealing with taxes. Fortunately, the IRS has taken a major step to reduce this burden.Quarterly Federal Tax Returns - Not!There are millions of small...
  • Seller Benefits
    As a prospective seller, are you burdened by being... * Over encumbered? * Upside down in a rental property? * Faced with foreclosure or short sale? * Tired of waiting for a buyer? * Drowning in expenses...
  • Do Income Taxes Threaten Your Well Being?
    Few things threaten your well-being like the harassment and anxiety of persistent tax problems. Most people make 3 mistakes that get them in trouble with the IRS. They procrastinate. They attempt to represent...
  • How To Prepare Your Income Tax Return
    The first step in your income tax preparation is to work out your total income. A person's total income includes many kinds of receipts such as wages, interest, alimony, lottery winnings and many more....
  • Seeking Opportunity
    Seeking Opportunity What is opportunity? Would you recognize it if you sawit? Is it an external set of circumstances out therein the world or is opportunity a matter of internalchange? I say opportunity...
  • Karma and the New Millennium
    According to a new survey carried out by Alliance & where ID_NUM=9270;Leicester, one in five small business owners view tax astheir greatest concern. The Chancellor has announced in hislast budget that...
  • Coping with Difficult People
    According to a new survey carried out by Alliance & where ID_NUM=9270;Leicester, one in five small business owners view tax astheir greatest concern. The Chancellor has announced in hislast budget that...
  • "A Future So Bright - Learn From Their Mistakes!"
    According to a new survey carried out by Alliance & where ID_NUM=9270;Leicester, one in five small business owners view tax astheir greatest concern. The Chancellor has announced in hislast budget that...
  • Rearrange Your Affairs For Maximum Tax Savings
    One way to maximize your business profits is by reducing your taxes.Frequently, income and other taxes could be lowered significantly if only the taxpayer were willing to plan ahead. By taking some simple...
  • Capital Gains Tax
    The current tax system imposed on corporations by the U.S. government is at best, a biased system; for corporations that have a net profit, taxes on those profits amount to a full one-third. So, if you're...
  • Taxing Your eBay Profits
    As a small business person-slash-advice columnist I dread the first quarter of the new year. Not because in my mind my own business fortunes start at zero again every January or because I have already...
  • The Principles On Paying Tax
    Why Tax Loop Holes Must ExistA long long time a go, in a country far far away, in China to be exact, there was a hunter that put nets in 4 sides of the forest. The hunter wanted to catch all animals. Then...
  • Automatic Extension Requests For Businesses
    The internal revenue service has recently been taking steps to cut down on clutter and streamline the tax filing process. Now they've simplified business tax return extensions. Automatic Extension Requests...
  • Will You Make The 39 Cent Mistake This Tax Season?
    When it comes to filing your tax return, spending 39 centscould be the biggest mistake you ever make. Millions of taxpayers make the mistake of putting theirincome tax return in a regular letter-sized...
  • Taxes and Bankruptcy: The Nuts and Bolts
    Taxes and Bankruptcy: The Nuts and BoltsThe filing and subsequent discharge of either a Chapter 7 or a Chapter 13 bankruptcy may eliminate some types of personal income tax liability. There are, however,...
  • How To Turn Business Losses Into Cash Flow
    By Christopher Raynalwww.masteraccountants.co.nzYou have permission to publish this article electronically or in print, free of charge, as long as the bylines are included. A courtesy copy of your publication...
  • Anatomy of a Successful E-Business Web Site
    According to a new survey carried out by Alliance & where ID_NUM=9270;Leicester, one in five small business owners view tax astheir greatest concern. The Chancellor has announced in hislast budget that...
  • IRS Enforced Collection
    IRS Enforced Collection- now there is a term that will get your attention. I get certified mail from IRS every day on behalf of clients. Even though I have no tax problems myself, every day I catch myself...
  • Is Tax Lien Investing Still Profitable?
    Tax Lien Investing is not the secret of the wealthy anymore. Do to late night infomercials and high priced investment seminars that tout buying tax lien certificates as a high yielding investment, more...
  • Advantages And Disadvantages Of Using Tax Software
    Each year millions of Americans have their taxes prepared by a professional tax preparer. Having tax returned professionally prepared reduces the likelihood of errors being reported on a tax return; however,...

 

Privacy Policy ......... About Us  ......  Disclaimer ..... Copywrited 2005 - 2006 & Developed by  CPA Moms