Document ID: chunk:federal_register_of_legislation:F2023L00785:reg:7
Version: federal_register_of_legislation:F2023L00785
Segment Type: reg
Provision Reference: reg 7
Character Range: 10080–11446

7  Requirements that must be met to issue an RCTI

 (1) To issue an RCTI, the recipient of a taxable supply must:
 (a) issue a document that complies with the requirements of:
 (i) paragraphs 29-70(1)(b), (c) and (d) of the GST Act; or
 (ii) paragraphs 29-75(1)(b), (c) and (d) of the GST Act, for recipient created adjustment notes;
 (b) issue the RCTI (either as an original or a copy) to the supplier within 28 days from when:
 (i) the taxable supply is made by the supplier; or
 (ii) the value of the taxable supply is determined by the recipient, where the recipient determines the value of the taxable supply after the supply is made;
 (c) retain the original RCTI or a copy of it for five years;
 (d) have a written agreement:
 (i) with the supplier that meets the requirements in section 8; or
 (ii) embedded in the RCTI that meets the requirements in section 9;
 (e) for a taxable supply covered by an agreement embedded in an RCTI, have not received notice from a supplier within 21 days of issuing an RCTI that the supplier does not accept the proposed written agreement embedded in the RCTI;
 (f) not issue a document that would otherwise be an RCTI on or after the date when either the recipient or the supplier has failed to comply with any of the requirements of this instrument; and
 (g) reasonably comply with its obligations under taxation laws.