GST-registered customers should keep taxable supply information for taxable supplies they make and to support expense claims.
New laws now in effect
New laws, which took effect on 1 April 2023, replaced the requirement to use tax invoices with a more general requirement to provide and keep certain records known as taxable supply information.
The new rules set out the minimum set of records required to support the figures in your GST returns.
The definition of taxable supplies and how you calculate GST has not changed, only the rules relating to invoicing and record keeping.
New terms now apply.
| Old term | New term |
|---|---|
| Tax invoice | Taxable supply information |
| Debit note/credit note | Supply correction information |
| Buyer-created tax invoice | Buyer-created taxable supply information |
The changes are designed for greater flexibility, so invoicing practices compliant with the old rules will comply with the new rules.
You do not need to change the wording of the GST documents your business uses to reflect the new terms. For example, you may continue to provide taxable supply information in a single document marked as a 'tax invoice'.
The change also means you can provide taxable supply information using an automated direct exchange through your software, such as eInvoicing.
You can read about eInvoicing on the New Zealand Government website.