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Time of Supply

The point at which GST liability arises on a supply, generally the earlier of the invoice date or the date of payment.

Related terms

  • Those Charged With Governance (TCWG)

    The person(s) or organisation(s) responsible for overseeing the strategic direction and obligations of an entity, such as its board or audit committee — the audience for the auditor's communications beyond management.

  • Three-Way Match

    Comparing a purchase order, the goods receipt and the supplier invoice against each other before a payment is approved, to confirm what was ordered, received and billed all agree.

  • Tolerable Misstatement

    The maximum misstatement in a population that the auditor is willing to accept, used to determine sample size and evaluate sample results.

  • Trade Payables Ageing

    A breakdown of amounts owed to suppliers by how long they have been outstanding, used to assess liquidity risk and as a required disclosure under Schedule III of the Companies Act.

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