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(1) The purpose of this Procedure is to establish a framework in which staff can confidently apply the Goods and Services Tax (GST) legislative requirements to University operations to ensure the University complies with its obligations arising from A New Tax System (Goods and Services Tax) Act 1999. (2) In order for the University's customers to claim a refund from the Australian Taxation Office for the 10% GST paid on sales, they must receive a valid tax invoice. (3) Refer to the GST (Goods and Services Tax) Policy. (4) Refer to the GST (Goods and Services Tax) Policy. (5) In order for the University's customers to claim a refund from the Australian Taxation Office for the 10% GST paid on sales, they must receive a valid tax invoice. (6) A valid tax invoice or recipient created tax invoice must be provided for all sales of goods and services over $82.50 (including GST) where GST is charged. (7) A standard invoice produced from SAP or a receipt/tax invoice where applicable must be used, but not both. (8) Tax invoices for sales of goods or services of $1,000 (GST exclusive) or more must include all of the above elements in addition to: (9) Adjustment credit notes must be raised when: (10) Adjustment credit notes must contain the same information as is required in a tax invoice except the words ‘tax invoice' are replaced with ‘adjustment credit note'. In addition the following is required: (11) Adjustment credit notes must be raised when: (12) When the recipient of goods and services creates the tax invoice on behalf of the supplier, this type of tax invoice is known as a recipient created tax invoice (RCTI). (13) The recipient and La Trobe University (the supplier) must satisfy the following requirements when issuing a recipient created tax invoice: (14) All recipient created tax invoices must show: (15) When an external party wishes to enter into an agreement with La Trobe University for recipient created tax invoices approval must be sought from Corporate Finance. (16) La Trobe University (the supplier) and the recipient must have a written agreement set up for these arrangements. The agreement must specify the supplies to which it relates and be current and effective when any recipient created tax invoices are issued. (17) All RCTI agreements must be signed by Corporate Finance. (18) A central register of RCTI agreements which lists the parties and details of the RCTI agreements will be maintained. Responsibility: Corporate Finance. (19) All RCTIs and related cheques received in departments must be sent to Accounts Receivables along with details of the relevant General Ledger account code, cost centre and/or fund. (20) If funds will be deposited directly into the University’s bank account by the external organisation, notify Corporate Finance once the invoice is created in SAP. (21) Allocate the funds against the invoice created in SAP. (22) For the purpose of this Procedure:GST Procedure - Tax Invoices and Accounts Receivable
Section 1 - Background and Purpose
Section 2 - Scope
Section 3 - Policy Statement
Section 4 - Procedures
Tax Invoices
For sales of goods or services less than $1,000 (GST exclusive) a tax invoice must include:
Adjustment Credit Notes
Recipient Created Tax Invoices
Section 5 - Definitions