16 June 2011
The ATO has released a draft ruling in relation to the requirements for a valid tax invoice following recent amendments to tax invoice rules.
The new rules allow taxpayers to claim input tax credits in certain circumstances even if the tax invoice does not have all the necessary information relating to the supply.
The new rules provide that input tax credits can be claimed where this extra information can be ascertained from other documentation the taxpayer holds in relation to the supply.
The ATO is seeking comments on the draft ruling by 8 July 2011.
Follow Bates Cosgrave News on Twitter @batescosgraveCA
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.