![]() ![]() Where the unrounded amount of GST has more decimal places than your accounting system can record, round up or down as appropriate. Taxable sale rule – work out the amount of GST for each individual taxable sale. Or if all taxable sales on a tax invoice include an amount of GST exactly 1/11 of the price, add up the GST-exclusive value of each taxable sale, calculate GST on that amount and then round to the nearest cent (rounding 0.5 cents upwards). Total invoice rule – total and then round GST for each taxable sale to the nearest cent (rounding 0.5 cents upwards). Where there is more than one taxable sale on a tax invoice, there are 2 rules known as the total invoice rule and the taxable supply rule. Where there is only one taxable sale on a tax invoice, the amount of GST should be rounded to the nearest cent (rounding 0.5 cents upwards). Where an amount of GST includes a fraction of a cent, special rounding rules apply. It is the trading entity's obligation to understand and comply with the legal requirements and the digital record keeping rules for business. However, it does not guarantee or enforce compliance because requirements vary based on business scenarios. The Peppol eInvoicing standard can be used to issue an invoice that meets legal requirements. The record transmitted to the customer needs to contain all information required for a tax invoice.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |