Both parties are registered for GST.
Both parties agree on cost of repairs before BCTI issued.
The requirements for issuing valid BCTIs are satisfied.
No need to send in a tax invoice.
Quicker payment with no delays in processing or missing invoices.
Payment triggered as soon as costs are finalised, and invoice number provided over the phone.
Time saved in having to generate and email/post invoices.
A valid BCTI contains the following information:
The words “Buyer Created Tax Invoice”.
The name and GST number of the supplier
The name and GST number of the recipient
The date of issue of the tax invoice
The quantity of the goods or the extent of the services sold
A brief description of the items being sold
The total price of the sale (including GST)
Written agreement embedded into BCTI document or a separate written agreement entered into between the supplier and recipient agreeing to the following:
the recipient can issue tax invoices in respect of the supplies;
the supplier will not issue tax invoices in respect of the supplies;
the supplier acknowledges that it is registered for GST when it enters into the agreement and that it will notify the recipient if it ceases to be registered; and
the recipient acknowledges that it is registered when it enters into the agreement and that it will notify the supplier if it ceases to be registered for GST
If GST is payable in relation to any supply – that the GST is payable by the supplier.
These responsibilities include:
Issuing the original or a copy of the BCTI or adjustment note to the supplier within 28 days of the taxable sale or adjustment.
Keeping the original or a copy of the BCTI or adjustment note on record.
Not issuing a BCTI on or after the date when he or the supplier has failed to comply with any of the requirements of BCTIs.
Unless previously advised, the BCTI will be sent to the same email address as we send remittances to.
No, Custom Fleet will be issuing an BCTI, therefore no Tax Invoice needs to be sent
Once investigated and agreed on the correct amount, the transaction will be reversed and a new BCTI issued with correct amount.
Repairers are required to call and finalise costs over the phone. At this point we also require an invoice number. This invoice number will display on the remittance and BCTI in order to reconcile payment.
Yes, the BCTI along with the remittance will show the original amount agreed to, the express payment deduction and revised total payable.
You can find a downloadable example of what the remittance looks like on this page.
