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  • When do I need to report GST for a financial supply

    If you make financial supplies, you need to report information about those supplies on your BAS, including the amounts you:

    • earned from the sales of financial supplies
    • paid, or were liable to pay, from purchases you used to make financial supplies.

    A supply you make is a financial supply only if it is listed in the GST regulations. Examples of financial supplies include:

    • lending or borrowing money
    • providing your customers with goods on credit for a fee
    • creating, maintaining and closing your customer's bank account
    • life insurance
    • dealing in debt, equity, unit trusts, partnership interests or futures contracts.

    You can make financial supplies even if you are not a financial institution. For example, even though a department store is not a financial institution, it can provide customers with credit and charge interest on that credit. This is an input-taxed financial supply.

      Last modified: 26 Jul 2022QC 17480