GST Invoices and Receipts

From 1 October you'll need to make sure you issue invoices and account for GST at 15%.

If you claim input tax deductions, you'll need to ensure the correct amount of GST is shown on the tax invoice used as the basis for your claim.

It's likely that you'll receive some tax invoices for goods and services after 1 October, which will be at the old GST rate of 12.5%. Your accounts payable system will need to be able to account for GST at 12.5% and not 15% on these tax invoices.

If you receive a tax invoice at 12.5% after you've closed off your GST return, you can make a late claim for this expense.

Price increases on existing agreements or contracts to reflect GST rate increase

The GST Act allows a supplier to increase their prices on existing agreements or contracts to compensate for the associated increase in GST (i.e. 2.5%), for example:

• car parking contracts
• gym contracts
• laybys