We are all familiar with taxes, but up until this very moment you probably were unaware that such a thing as a tax invoice existed.
A tax invoice is a legal document that lists the goods and services tax (GST) in any given transaction. If you are a business owner, it is important to know that you have obligations when it comes to the many different tax invoices in existence.
In order to claim a GST credit for supplies totaling more than $50, you must have a tax invoice. When you supply goods or services to a registered business or individual, you must be able to provide a tax invoice within 28 days if the registered business or person requests one. Failure to provide a tax invoice when requested can result in penalties.
If you are a business owner, claims for supplies that are worth $50 or more, but no more than $1,000, require you to have a tax invoice in order to get a credit. Without a tax invoice you cannot claim a credit when your return is due if you do not have a tax invoice. However, there is a loophole available if you find yourself in this position. To take advantage of it all that is required is that you still obtain the GST for the transaction,...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
