The ATO has made a new legislative determination setting out the additional information requirements, specified under s 29-75(1)(c) of the A New Tax System (Goods and Services Tax) Act 1999, that must be satisfied for a document to be an adjustment note under s 29-75(1): A New Tax System (Goods and Services Tax) Adjustment Note Information Requirements Determination 2012 (Legislative Instrument F2012L00769; made 29 March 2012; registered 3 April 2012).
The determination commences on 1 July 2010. The previous determination, A New Tax System (Goods and Services Tax) Adjustment Note Information Requirements Determination (No 1) 2000, is revoked with effect from that date.
The ATO advises that, as the adjustment note requirements in the new determination are more flexible but not substantively different, taxpayers who abided by the requirements set out in the previous determination will not need to make any changes to their software or accounting systems in order to satisfy the adjustment note requirements in the new determination. That is, an adjustment note that satisfied the information requirements of the previous determination will continue to satisfy the information requirements of this determination.
In addition, the application of the more flexible adjustment note requirements for net amounts for tax periods starting on or after 1 July 2010 aligns with the application of the more flexible tax invoice requirements.