On 30 August 2022, the IRD have changed their interest rates on overpaid (credit interest) and underpaid (debit interest). This is often called “use of money interest’ or UOMI. Rates are reviewed regularly to ensure they align with market interest rates.
Current rates are now:
Debit interest 7.96%
Credit interest 1.22%
GST Invoicing changes are coming!
New rules modernising GST invoicing and record-keeping requirements will apply from 1 April 2023. The key change is removing the requirement to issue and hold a “tax invoice” document (which meets certain prescribed requirements on details required). Instead, GST requirements will be met provided specific GST information is held through various business records. For example commercial invoices or agreements.
Tax invoices will be replaced by taxable supply information (TSI). This is a set list of information that must be provided to any GST-registered customers within 28 days of the date of supply. Information over and above current tax invoice requirements includes:
the ”date of the supply” — when the time of supply is triggered, rather than the current tax invoice requirement of the date on which the tax invoice is issued
for supplies over $1,000, the TSI must include the recipient's physical address (if that information is available).
for supplies over $200 it will become mandatory to issue TSI to GST-registered customers within 28 days of the date of supply, and for supplies made to non-GST registered persons you have 28 days from when the customer requests the information.
