Following the change in rule for prompt payment discount with effect from 1 Apr 2020, this e-tax guide on customer accounting has also been updated with regard to the paragraph on prompt payment discount.
Before 1 April 2020, the discounted price (regardless of whether the prompt payment discount is taken up) is to be considered for the purpose of the $10,000 threshold for customer accounting.
With effect from 1 April 2020, the pre-discount GST exclusive price to determine the $10,000 threshold for customer accounting.
Please be reminded to update the new rules for your accounting system with effect 1 Apr 2020 and you are able to view the new update here. Feel free to contact us if you need us to review your transactions under customer accounting for prescribed goods.
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