Organisations have less than a year to adapt and change finance systems to comply with some fundamental GST changes in respect of how (and what) supply information should be shared and retained. These changes are the first step in modernising some arguably outdated GST rules and proposes to change the approach to ‘tax invoices’ and moves the GST system into the 21st century. Although these changes are built on existing requirements, and organisations can choose to maintain the ‘status quo’ in issuance and receipt of something similar to a traditional tax invoice post 1 April 2023, key stakeholders may move with the legislation and organisations need to be ready to deal with receiving and issuing different types of ‘taxable supply information’.
These changes may have been designed to provide organisations a greater degree of flexibility with interactions with suppliers and customers, but at the outset can provide additional complexity within finance systems, especially systems that were built around the issuance and collection of ‘valid tax invoices’.