ato logo
Search Suggestion:

When do I need to report GST for a financial supply

Last updated 12 July 2023

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.