diff --git a/rules/tax-invoice-vs-eftpos-receipt/rule.md b/rules/tax-invoice-vs-eftpos-receipt/rule.md index 820fe2e9cae..f8f28755176 100644 --- a/rules/tax-invoice-vs-eftpos-receipt/rule.md +++ b/rules/tax-invoice-vs-eftpos-receipt/rule.md @@ -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) diff --git a/rules/tax-invoice-vs-eftpos-receipt/tax-invoice-example-au.1678919047955.avif b/rules/tax-invoice-vs-eftpos-receipt/tax-invoice-example-au.1678919047955.avif new file mode 100644 index 00000000000..4a7147a6b6e Binary files /dev/null and b/rules/tax-invoice-vs-eftpos-receipt/tax-invoice-example-au.1678919047955.avif differ diff --git a/rules/tax-invoice-vs-eftpos-receipt/tax-invoice-example-au.1678919047955.jpg b/rules/tax-invoice-vs-eftpos-receipt/tax-invoice-example-au.1678919047955.jpg new file mode 100644 index 00000000000..44aaeea31d5 Binary files /dev/null and b/rules/tax-invoice-vs-eftpos-receipt/tax-invoice-example-au.1678919047955.jpg differ