Example of Reporting Interim Tax
The following is an example of how an invoice is reported in the Interim Tax Register.
Reporting Data
Invoice-1 for $1000 USD has an invoice date of 10-Dec-2011. The tax point basis is set to payment and the invoice is paid in three installments.
The following table lists each payment made against the invoice.
|
Payment Date |
Payment Amount |
|---|---|
|
20-Jan-2012 |
300 |
|
15-Mar-2012 |
300 |
|
10-May-2012 |
400 |
For reporting purposes, the invoice date is compared with the reporting period end date. The following table displays how the invoice is reported in the Interim Tax Register:
|
Reporting Period |
Invoice Date |
Invoice Fully Paid |
Payment Date |
Payment Amount |
Invoice Reported in Interim Tax Register |
Amount Reported in Interim Tax Register |
|---|---|---|---|---|---|---|
|
Dec-11 |
10-Dec-11 |
No |
Yes |
1,000.00 |
||
|
Jan-12 |
10-Dec-11 |
No |
20-Jan-12 |
300 |
Yes |
700.00 |
|
Feb-12 |
10-Dec-11 |
No |
Yes |
700.00 |
||
|
Mar-12 |
10-Dec-11 |
No |
15-Mar-12 |
300 |
Yes |
400.00 |
|
Apr-12 |
10-Dec-11 |
No |
Yes |
400.00 |
||
|
May-12 |
10-Dec-11 |
Yes |
10-May-12 |
400 |
No |
- |
Since Invoice-1 is fully paid by the end of the May-12 reporting period, it's no longer reported in the Interim Tax Register.