Tax Invoices: Staying ATO compliant

When to Provide a Tax Invoice

If a customer requests a tax invoice, you've got 28 days to get it to them, unless the sale is $82.50 or less.

Sales Under $1,000

For taxable sales under $1,000, your tax invoice needs to include important details like:

• Identifying it as a tax invoice
• Your identity and ABN
• Date of issue
• Description of items sold, including quantity and price
• GST amount payable

Sales of $1,000 or More

If you're dealing with bigger sales, your tax invoice needs to include the buyer's identity or ABN as well. 

Digital Invoices

You don't have to stick to paper! You can issue tax invoices electronically, i.e. through XERO.

Rounding of GST

When it comes to rounding GST, round GST for each taxable sale to the nearest cent (rounding 0.5 cents upwards).

How we can help

If you need help with your invoices or need assistance with anything tax-related give us a call on 1300 513 332 or fill out our enquiry form here. At TaxAssist Accountants we offer a free initial consultation. We're here to make your life easier!

 

Last updated: 24th April 2024