Budget 2008-09: When is an Invoice Issued?
21.10.08
In a recent case, the AAT found that a taxpayer had correctly reported the GST liability for an invoice in the correct quarter.
In doing so, the Tribunal affirmed that the date appearing on an invoice should only be taken to be the date the invoice was issued in the absence of any evidence to the contrary.
The date of issue of an invoice is important for an entity who is reporting its GST obligations on an accrual basis. This is because the tax period to attribute the GST liability on an invoice is determined by reference to the first tax period in which an invoice is issued (if no consideration is received or provided before that time).
