Tax invoice format for GST [Syndicator portals]

Tax invoice format for GST [Syndicator portals]

Release Date: 19 November 2021 | Finance
This release applies only to Syndicator portals.

The format of Tax Invoices that accompany Syndicator monthly Statements has been enhanced to better comply with Australian Taxation Office (ATO) and NZ Inland Revenue (IR) requirements.

The improvement provides clarity on which invoice line items are taxable sales. If an invoice line is taxable, the tax invoice clearly states the GST payable.

Tax Invoices for all other Prism portals types (Trainers, Farms, Service Providers) was changed in June 2020.

Here is the current Tax Invoice format.


Here is the new Tax Invoice format, clearly showing GST items and amounts by invoice line.


This change will be made to ALL Syndicator Prism portals prior to 30 November 2021. If you have any concerns or wish to NOT change your Tax Invoice format, please contact support@prism.horse.

Background

In Australia for example, it is an Australian Tax Office requirement to identify which line items attract GST and which do not. Here is an extract from the ATO's website page on tax invoices.

Taxable and non-taxable sales
A tax invoice that includes taxable and non-taxable items that are either GST-free or input-taxed, must clearly show which items are taxable. In addition, the tax invoice must also show:
  1. each taxable sale
  2. the amount of GST to be paid
  3. the total amount to be paid.

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