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Debit notes are issued by a supplier when the price is increased after a tax invoice was issued.
The debit note is accounted for in the period the debit or credit note was received . The rate is the one that applied to the original supply.
Ravi supplies Matt with an invoice for some goods on 20 August 2010. On 3 December 2010 Ravi realises that he has put incorrect figures on the invoice for the transaction with Matt. Ravi sends Matt a debit note for the difference using the GST rate of 12.5%.
Matt makes an adjustment to reflect the debit note on the return which covers the December 2010 period.
A debit note must show:
It must also have either:
A debit note can be combined and issued with a tax invoice, provided it contains the required information (listed above) and must relate to a different supply that a tax invoice has been issued for previously. A combined invoice and debit note cannot be issued for the same supply.
Melissa sells goods worth $1,100 to Wei for $1,000 by mistake. Melissa then issues a debit note to Wei for $100. Both Melissa and Wei use the invoice basis.
$1,000 included in Box 5 (sales). The extra $100 is also included in Box 5, but in the return covering the period the increase was made.
$1,000 included in purchases, in Box 11. $100 claimed in Box 11 in the return covering the time the increase was made.