Australia Tax Agency Seeks Comments on Recipient Created Tax Invoice System for GST Purposes

The Australian Taxation Office Nov. 17 opened a consultation on Draft Legislative Instrument No. LI 2022/D15, on the recipient created tax invoice (RCTI) system for GST purposes, which enables the recipient of a taxable supply to issue a tax invoice, rather than the supplier. The draft instrument includes: 1) relevant definitions; 2) a list of taxpayers eligible for issuing an RCTI; 3) detailed requirements for recipients of taxable supplies for issuing an RCTI; 4) detailed requirements of a written agreement with the supplier, including written agreements embedded in an RCTI; and 5) a list of instruments which will be repealed. ...