One of the rules of GST compliance is that sales invoices issued by business must contain the following information:
- The words ‘tax invoice’ in a prominent place
- The invoice serial number
- The date of issuance of the invoice
- The name (or trade name), address and GST identification number of the supplier
- The name and address of the recipient of the supply
- A description of the goods and/or services supplied
- The quantity or volume of the goods and/or services supplied, for example, litres of petrol, kilos of meat or hours of labour
- Any discount offered
- The total amount payable excluding tax, the rate of tax and the total tax chargeable shown as a separate amount
- The total amount payable including the total tax chargeable
Both MYOB Accounting and MYOB Premier come with a standard tax invoice template that complies with the above requirements.
You can further customise this format, but essentially, with MYOB your business complies with this requirement straight out of the box!