Question

What information must be included in a tax invoice for supplies of less than $1000?

List six of those information and give brief description of each one of them and provide an example for each one of them.

(Please consider this is in Australian Taxation Environment)

(Please type up your answer)

Answer 1

The tax invoice for supplies of less than $1000 should include the following information:

1. Title of the invoice should be "Tax Invoice" - it should be mentioned clearly at the top of the invoice so that the user understands that credit for the tax paid will be available and the same can be used for tax purposes.
2. Seller's Australian Business Number - Every business / seller in Australia gets an 11 digit unique Australian Business Number (ABN) and the same should be mentioned on the tax invoice, so that it can be identified that the invoice has been issued by an eligible seller. Example - 12 558 112 125
3. Date of Invoice - To identify on which date the invoice was issued.
   Example - 12th January 2018
4. Brief description of the goods sold - this will include the type, price, quantity, quality, the color of the goods sold.
   Example - Red Carpet 120m 2 Qty $1200
5. GST Amount payable on the goods - This will show exactly the amount of GST to be charged on the goods sold.
6. Identify which of the all items are taxable in the invoice - Not all the items of the invoice are always taxable therefore it should be clearly indicated that which of the items are exempt from tax and which are taxable.