Do your (Tax) Invoices say the right things

Your Bookkeeping Matters

I'm always asked about this week’s topic: Do my (tax) invoices say the right things?
In our business, we see hundreds of invoices travel across our desk every single week so we have seen everything when it comes to formatting an invoice. We always take the time to make sure all of our client’s invoices are spot on to enable the receiver to claim it with the ATO effortlessly.
In this episode, I’m discussing all of the important aspects of a tax invoice that you have to include to make sure you’re compliant with the ATO. If you don’t have an invoice that includes everything, you can’t claim the expense. So let’s make sure we get this right!
We’ll go through the importance of including your ABN, common myths, GST, and the invoice components, along with any tweaks and exceptions.
Sounds like a lot to remember? Don’t worry - you can set all of this up to be generated for you by your accounting software every time.
To top it off, I’ll then give you some really handy tips for your eCommerce platform (such as Shopify) that you can use to automate the process and make it individual and easy.
Remember, receipts from Paypal or online providers are not enough to claim an expense. (Tax) Invoices must have all of the things outlined in this episode so make sure you grab a pen to tick them all off on your invoice to feel confident you have it covered.
LINKS:
Resources mentioned:

• Withholding if ABN not provided | Australian Taxation Office (ato.gov.au)
• Do your Tax Invoices say the right things?

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