This article will help you, as a grower and supplier of an agricultural commodity, to read and interpret your online Recipient Created Tax Invoice Statements (RCTI). For information on how to find your RCTI statements that are linked to your AgriDigital account, please click here.
Your RCTI statement can be broken down into four components:
1. Title and General Information
At the top of the RCTI Statement you will see all the general information pertaining to the transaction including the date the invoice was created, your counter party (buyer) details, and your business details (ABN, NGR, and your share of ownership if you are a share farm).
2. Description of Taxable Supplies
The description of taxable supplies includes the details of the deliveries that pertain to the payment you have received. Furthermore, this section indicates the contract number to which these deliveries have been transferred. At the bottom of this section you will see a subtotal, GST calculation, and then Total value of taxable supplies before deductions.
The deductions section of your RCTI shows the values of all the deductions from your payment. This will include any levies and end point royalties that you have paid.
4. Amount Deposited
The final section of your RCTI will include the details of the final payment that has been deposited in your bank account. This section also includes your bank details for your reference.