Skip to content

Commit

Permalink
Update SSW Rule - Tax invoice vs Eftpos Receipt - Improve context (SS…
Browse files Browse the repository at this point in the history
…WConsulting#7795)

* Add files via upload

* Update rule.md

* fixed capitalization + made list a table for comparison

* Update rule.md

* Add files via upload

---------

Co-authored-by: Tiago Araújo [SSW] <[email protected]>
  • Loading branch information
JimmyChenSSW and tiagov8 authored Jan 18, 2024
1 parent 0878eae commit 28e6e8d
Show file tree
Hide file tree
Showing 3 changed files with 38 additions and 46 deletions.
84 changes: 38 additions & 46 deletions rules/tax-invoice-vs-eftpos-receipt/rule.md
Original file line number Diff line number Diff line change
Expand Up @@ -20,83 +20,75 @@ It is important to distinguish the difference between a Tax Invoice and Eftpos P

![](Picture1.png)

The primary purpose of a Tax Invoice is to provide a comprehensive record of a transaction for tax and accounting purposes.
While an Eftpos Payment Receipt is like a digital high-five after you've paid for something using Eftpos. It's a record saying, "Yep, the payment went through!"

If you're not sure which papers you need, just keep everything. It's way better to have too many records than miss out on something important.

### Tax Invoice

An official document issued by a seller to a buyer, detailing the products or services provided along with their respective prices.
It is a legal requirement for businesses to issue tax invoices for taxable sales.
A tax invoice would normally have the following:

Business Information
**Business Information**

* Seller's info - name, address, and contact details.
* Buyer's info - name and address.
* Seller's info - Name, address, and contact details
* Buyer's info - Name and address

Invoice Details
**Invoice Details**

* Invoice number.
* Date – when the invoice created.
* Invoice number
* Date – When the invoice was created

Product/Service Information
**Product/Service Information**

* Description - the products or services.
* How much - Quantity, unit price, and total amount.
* Description - The products or services
* How much - Quantity, unit price, and total amount

Tax Information
**Tax Information**

* Tax - Goods and Services Tax (GST) details.
* Total amount - including GST.
* Tax - Goods and Services Tax (GST) details
* Total amount (including GST)

![Figure:Example of Tax Invoices](Tax-Invoices.jpg)
![Figure:Example of Tax Invoices](tax-invoice-example-au.1678919047955.jpg)

### Eftpos Payment Receipt

An Eftpos Payment Receipt is a document confirming that a payment has been made through an Electronic Funds Transfer at Point of Sale (Eftpos) system.
It acknowledges the successful completion of a transaction.
It usually shows information of:

TRANSACTION DETAILS
It usually shows information:

* When - Date and time of the transaction.
* How - Payment method and card type.
**Transaction Details**

BUSINESS INFORMATION
* When - Date and time of the transaction
* How - Payment method and card type

* Who - Merchant's name and contact information.
**Business Information**

AMOUNT INFORMATION
* Who - Merchant's name and contact information

* How much - Total amount paid.
* Approved or declined - Confirmation of payment.
**Amount Information**

![Figure:Example of Eftpos Payment Receipt](Picture2.png)
* How much - Total amount paid
* Approved or declined - Confirmation of payment

### Spot the difference
![Figure: Example of Eftpos Payment Receipt](Picture2.png)

The primary purpose of a Tax Invoice is to provide a comprehensive record of a transaction for tax and accounting purposes.
While an Eftpos Payment Receipt is like a digital high-five after you've paid for something using Eftpos. It's a record saying, "Yep, the payment went through!"

Purpose

* Tax Invoice: Primarily for tax and accounting purposes.
* Eftpos Payment Receipt: Confirmation of payment.

Content

* Tax Invoice: Detailed information on products/services, taxes, and payment terms.
* Eftpos Payment Receipt: Focuses on transaction details, amount, and payment method.
### Spot the difference

Legal Requirement
| | **Purpose** | **Content** | **Legal Requirement** |
|-----------------|--------------------------------------------------------|----------------------------------------------------------------------------------|------------------------------------------------------------------------|
| **Tax Invoice** | Primarily for tax and accounting purposes | Detailed information on products/services, taxes, and payment terms | Often required by tax authorities for proper documentation |
| **Eftpos Payment Receipt** | Confirmation of payment | Focuses on transaction details, amount, and payment method | Serves as a customer receipt, not always legally mandated |

* Tax Invoice: Often required by tax authorities for proper documentation.
* Eftpos Payment Receipt: Serves as a customer receipt, not always legally mandated.

For businesses, maintaining tax invoices is a must for keeping solid accounting records and claiming tax or GST.
Eftpos payment receipt is a helpful supplementary, especially when you've paid more than the invoiced amount (cue credit card charges).
However, it's essential to note that while the Eftpos receipt confirms payment, it can't replace the role of a tax invoice.
For businesses, maintaining tax invoices is a must for keeping solid accounting records and claiming tax or GST.
Eftpos payment receipt is helpful and supplementary, especially when you've paid more than the invoiced amount (such as credit card surcharges).
However, it's essential to note that while the Eftpos receipt confirms payment, it can't replace the role of a tax invoice.
The invoice is the official record that details why and where you spent that money, making it irreplaceable for comprehensive documentation.

![Figure:✅ Good Example - Tax invoice submitted with Eftpos receipt together](Picture3.jpg)

![Figure:❌ Bad Example - An Eftpos receipt doesn't tell you details on its own, and can't be used for tax deductions.](Picture4.png)
![Figure:✅ Good example - Tax invoice submitted with Eftpos receipt together](Picture3.jpg)

If you're not sure which papers you need, just keep everything. It's way better to have too many records than miss out on something important.
![Figure:❌ Bad example - An Eftpos receipt doesn't tell you details on its own, and can't be used for tax deductions.](Picture4.png)
Binary file not shown.
Loading
Sorry, something went wrong. Reload?
Sorry, we cannot display this file.
Sorry, this file is invalid so it cannot be displayed.

0 comments on commit 28e6e8d

Please sign in to comment.