Changes for 2023
Welcome, 2023!
Happy New Year to you all. As with Chinese Culture, the new year only starts on Sunday, 22 January. 2023 sees in the Year of the Rabbit. The year of the Rabbit is a symbol of longevity, peace, and prosperity. May this be your best year yet!
I hope you all had a great Festive Season and time spent with loved ones; where you laughed till your stomach ached; ate too much and the wine flowed a bit too freely. I certainly have had an amazing break, and enjoyed time spent with my loved ones, albeit the feeling of the holiday never being long enough.
As we kick off 2023, I appreciate you are all busy with getting back to the grindstone, while the kids are still on holiday and the chaos that comes with that. I want to keep this blog short so thought I will share with you a couple of changes to be particularly aware of, in either bookkeeping or payroll environments.
Bookkeeping/Accounts Changes:
Changes in relation to GST are coming into effect from 1 April 2023. There will be new terms to familiarise yourself with that your bookkeeper or accountant will refer to.
Old term | New term |
|---|---|
Tax invoice | Taxable supply information |
Debit note/credit note | Supply correction information |
Buyer-created tax invoice | Buyer-created taxable supply information |
These new laws have modernised the GST rules for invoicing and record keeping. Taxable Supply Information is the minimum set of information both clients (buyers) and owners (sellers) need to keep as evidence of any transactions. This still includes your invoices, but along with this you will also need to keep any other transactional information that is held in different forms, including but not limited to, Supplier Agreements, Statements, and Contracts. If you would like to read more about these changes you can do so here.
Payroll Changes:
Please note that from 1 December 2022, the Fair Pay Agreement Act 2022 came into effect. This system brings together unions and employer associations within a sector to bargain for minimum employment terms on behalf of all employers and employees in the same industry or occupation. If you wish to read more about this new law you can do so here.
That’s all for now.
Till next time,
Elizna
