Tax date

There must be an option to specify invoice date, prepayment date, delivery date, or another date as the tax date. The tax date is different than document, accounting, and transaction dates. The tax date primarily affects accounts receivable and accounts payable invoices, credit notes, debit notes, and AR and AP corrective transactions.

New Zealand specifics

Taxpayer has these options to account for GST:

  • Invoice basis and hybrid basis
    • Taxpayer should account for GST when an invoice is issued or when payment is received, whichever is earlier.
    • Input tax can be recovered on the basis of invoices received.
  • Payment basis

    Taxpayer should account for GST on the basis of payment received.

Exceptions:

  • Supply with greater than NZD225,000
  • Supply that is not a short-term agreement for the sale and purchase of property and services
    • Input tax can be recovered on the basis of invoices paid.
    • Payment basis may be used if the total value of taxable supplies in the previous month is less than NZD12 million or such amount is not expected to exceed on the next taxable period.

How Infor meets this requirement

See Creating tax entities in Tax User Guide.