Are your Tax Invoices Valid?
Think you know all the things that need to be included on a valid Tax Invoice? Do you check expense receipts to make sure they're correct?
Of course you do! Or do you?
These questions caused a few double takes at this morning's Bxnetworking Penrith breakfast meeting where everyone did, sort of - in a fashion, particularly where those valuable expense receipts are concerned!
They were posed during a presentation from Teresa Tidball (left) of Tidball Accountancy.
So here's the seven 'must haves' we need to look out for on business expense invoices to avoid running foul of the ATO.
1. The seller's identity
2. The seller's ABN
3. Invoice date
4. Be intended to be Tax Invoice
5. A brief description of the purchase
6. Distinguish what items are taxable
7. The GST amount.
If you had all those correct - (of course we all did!) we would also be across the requirement for the buyer's identity (that's you) or your ABN to be on receipts if they are for $1,000 or more!