Dealing with GST invoices has become much simpler with the new rules implemented by Inland Revenue from April 1, 2023. The aim is to modernise your record-keeping systems, bringing you closer to a paperless business environment.
Starting in April, there is no longer a need to keep physical copies of tax invoices, credit notes, or debit notes. Your taxable information can now be stored digitally, whether it’s within your accounting software, transaction records, or contractual information.
You no longer need to label your invoices as ‘Tax invoice.’ The new terminology is ‘taxable supply information,’ but you don’t have to make any modifications to your invoices. It’s simply Inland Revenue’s way of clarifying that specific information must be included on the documentation – no further changes are needed.
These changes were necessary to legalize e-invoicing, so your system-to-system invoices remain valid without the need for physical paperwork or even a PDF to be exchanged.
We’re here to assist you!
If you’re uncertain about the records you need to keep, feel free to contact us. We can discuss how these changes may impact your business and how you can leverage e-invoicing to reduce the risk of invoice fraud. Get in touch with us today!
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