GST financial supply provisions - overview

Terms we use

When we say:

• purchase, we mean the GST term acquisition
• sales, we mean the GST term supplies
• GST credit, we mean the GST term input tax credit
• reduced GST credits, we mean the GST term reduced input tax credit
• business, we mean the GST term enterprise
• ADI, we mean an Australian authorised deposit-taking institution (such as a bank, building society or credit union).

Introduction

Following the Board of Taxation's review of the goods and services tax (GST) administration, the Government has made changes to the GST financial supply provisions to clarify the legislation.

These changes apply from 1 July 2012.