Time of supply

(1) Except as otherwise provided in this section, a supply of goods or services shall be treated as taking place, for the purposes of this Act, at the earlier of the time when– (a) an invoice for the supply is issued by the supplier; or (b) any of the consideration for the supply is received. (2) If the supplier and recipient are related persons, or if the Commissioner is of the opinion that a supplier and recipient 34 have colluded to defer the time of payment for GST by deferring the issue of an invoice or the payment of consideration, a supply of goods or services shall be treated as taking place on the earliest of the date determined under sub-section (1) or the date on which– (a) for a supply of goods, the goods are delivered or made available; or (b) for a supply of services, the services are performed. (3) Sub-sections (1) and (2) apply separately for each separate part of a progressive or periodic supply that is treated as a separate supply because of section 5(3) and for the purpose of sub-section (2)– (a) goods already delivered or made available during an earlier part of the progressive or periodic supply are considered to be delivered or made available on the first day of the period for which the supply is treated as being made; and (b) services are considered to be performed throughout the period during which they are performed. (4) Notwithstanding anything else in this section, where a building, structure or other works is constructed under an agreement that expressly provides for the consideration to be paid at specified stages of the construction, the supply of the goods and services involved in the construction of the building to each stage shall be regarded as taking place at the earliest of the time when– (a) an invoice in respect of the construction of the building to that stage is given; 35 (b) payment in respect of the construction of the building to that stage is made; or (c) payment in respect of the construction of the building to that stage becomes due, except that the proportion of the supply to which the deposit, if any, relates shall be regarded as taking place at the time the deposit is paid. (5) The time at which an acquisition occurs is the time at which the corresponding supply occurs.