Six key requirements for tax compliant invoicing

Make sure your invoices are tax compliant.

What are the must haves?

1. Ensure the words ‘Tax Invoice’ are prominent

2. Clearly display your full business name and address

3. Your ABN (Australian Business Number) must be on the document

4. The date of invoice is displayed

5. The description of the product purchased by your customer, quantity and of course the price

6. Display the total and the GST amount. You have 2 options of how to display this.

• Display the GST separately and then the total value of what is sold (including GST) – Called a GST Exclusive Invoice

• Total price of sale (including GST) with the wording “Total price including GST” – Called a GST inclusive invoice

 

NOTE: If you have sales of more than  $1000 on your tax invoice you are also required to add your customer’s identity and their address or ABN.

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