A New Tax System (Goods and Services Tax) Regulations 2019
Note:
A number of expressions used in this instrument are defined in the Act, including the following:
account
, except in subsection
40-5.09(3)
, means:
(a) an account mentioned in item 1 of the table in subsection 40-5.09(3) ; or
(b) an account in relation to which the account holder (the customer ) has the right:
(i) to have the account maintained by the account provider (the provider ); and
(ii) to repayment of the amount credited to the account by the provider; and
(iii) to require the provider to act on directions by the customer that are in accordance with the arrangements, or any agreement, between the provider and the customer in relation to operation of the account.
acquirer
means a person who acquires goods the supply of which is a taxable supply.
(a) has the meaning given in the Act; and
(b) in Division 40 , also has a meaning affected by section 40-5.05 .
Act
means the
A New Tax System (Goods and Services Tax) Act 1999
.
approved entity
means an entity with an approval under section
33-15.03
to make deferred payments of assessed GST on taxable importations.
APRA
means the Australian Prudential Regulation Authority.
(a) in relation to a partner in a partnership:
(i) if the partner is not an individual - the partner; and
(ii) if the partner is an individual - the partner or a family member of the partner; or
(b) in relation to a shareholder in a company:
(i) if the shareholder is not an individual - the shareholder; and
(ii) if the shareholder is an individual - the shareholder or a family member of the shareholder.
ATM
means automatic teller machine.
Australian ADI
has the meaning given by section
9
of the
Corporations Act 2001
.
barrier copy
, in relation to an invoice, means the copy of the invoice that is attached to the sealed package in which the goods to which the invoice relates are enclosed when the goods are passed into the possession of the relevant traveller.
charge card
means an article, commonly known as a charge card, for use in obtaining cash, goods or services by incurring a debt with the issuer of the card.
closely related
: see section
70-5.01A
.
(a) means an article commonly known as a credit card and any similar article for use in obtaining cash, goods or services on credit; and
(b) includes an article commonly issued by persons conducting business to their customers, or prospective customers, for use in obtaining goods or services from the business on credit.
(a) an Australian ADI listed on the APRA website as a credit union; or
(b) an Australian ADI listed on the APRA website as an Australian-owned bank that:
(i) on or before 1 July 2011 was listed on the APRA website as a credit union; and
(ii) retains mutuality; and
(iii) was listed on the APRA website as a credit union at all times in the period between 1 July 2011 and the time it was listed on the APRA website as an Australian-owned bank; or
(c) the Cairns Penny Savings & Loans Limited (ACN 087 933 757).
Note:
A list of Australian ADIs could in 2019 be viewed on APRA ' s website (https://www.apra.gov.au/).
customer copy
, in relation to an invoice, means the copy of the invoice that is placed inside the sealed package in which the goods to which the invoice relates are enclosed when the goods are passed into the possession of the relevant traveller.
debit card
means an article intended for use by an entity in obtaining access to an account held by the entity for the purpose of withdrawing or depositing cash or obtaining goods or services.
derivative
means an agreement or instrument the value of which depends on, or is derived from, the value of assets or liabilities, an index or a rate.
disposal
, of an interest, includes assignment, cancellation, redemption, transfer and surrender of the interest.
family company
, of an individual, means a company each shareholder of which is either the individual or a family member of the individual.
family trust
, of an individual, means a trust that distributes income or capital of the trust only to the individual or family members of the individual (whether or not other distributions could lawfully be made).
financial supply facilitator
: see section
40-5.07
.
financial supply provider
: see section
40-5.06
.
fixed trust
has the same meaning as in section
995-1
of the
Income Tax Assessment Act 1997
.
foreign currency
means a currency other than:
(a) Australian currency; or
(b) currency that consists of digital units of value to which paragraphs (a) to (f) of the definition of digital currency in section 195-1 of the Act apply.
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incidental financial supply
: see section
40-5.10
.
interest
means anything that is recognised at law or in equity as property in any form.
LAG product
means a liquid, aerosol, gel, cream or paste that is in a container that has a capacity of more than 100 ml.
managed investment scheme
has the meaning given by section
9
of the
Corporations Act 2001
.
mortgage loan
means a loan secured by a mortgage over real property.
mortgage scheme
means a managed investment scheme that has at least 50% of its non-cash assets invested in mortgage loans or in one or more other mortgage schemes.
officer of Customs
has the meaning given by subsection
4(1)
of the
Customs Act 1901
.
participant
, in a payment system, means a person who is a participant in the system in accordance with the rules governing the operations of the system.
payment system
means a funds transfer system that facilitates the circulation of money or digital currency, including any procedures that relate to the system.
permitted beneficiary
: see subsections
48-10.03(3)
,
(4)
and
(5)
.
provision
, of an interest, includes allotment, creation, grant and issue of the interest.
receiving enterprise
has the meaning given by subsection
70-5.02A(1)
.
recognised trust scheme
means a trust that has the following features:
(a) the entity that acts in the capacity of trustee or responsible entity of the trust is carrying on, in its own capacity, an enterprise that includes making taxable supplies to the trust;
(b) the trust is:
(i) a managed investment scheme, or part of a managed investment scheme, other than a securitisation entity or a mortgage scheme; or
(ii) an approved deposit fund within the meaning of the Superannuation Industry (Supervision) Act 1993 ; or
(iii) a pooled superannuation trust within the meaning of the Superannuation Industry (Supervision) Act 1993 ; or
(iv) a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993 ; or
(v) a regulated superannuation fund (other than a self managed superannuation fund) within the meaning of the Superannuation Industry (Supervision) Act 1993 .
registered training organisation
has the meaning given by section 3 of the
National Vocational Education and Training Regulator Act 2011
.
(a) for an entity that is a member of a GST group - any other member of the GST group; or
(b) for an entity that is a joint venture operator for a GST joint venture - any other company that is a participant in the GST joint venture; or
(c) for an entity that has a GST branch - any GST branch the entity has; or
(d) for an entity that is a GST branch - the parent entity that has the GST branch and any other GST branch the parent entity has.
securities
has the meaning given by subsection
92(1)
of the
Corporations Act 2001
.
securitisation entity
means a trust that meets the conditions in subsection
820-39(3)
of the
Income Tax Assessment Act 1997
at the time of the supply.
Note 1:
The relevant supply is mentioned in item 32 of the table in subsection 70-5.02(1) .
Note 2:
Whether a trust meets the conditions in subsection 820-39(3) of the Income Tax Assessment Act 1997 is affected by subsection 820-39(4) of that Act.
seller
includes an employee or agent of a seller.
shareholder
of a company that is an unincorporated association means a member of the association.
smart card
means an article, commonly known as a smart card, that has the capacity to keep a record of financial transactions using the article.
supplying enterprise
has the meaning given by subsection
70-5.02A(1)
.
tourist refund scheme
means the arrangements set out in Division
168
of the Act.
transaction card
means a debit card, charge card, credit card or smart card.
TRS verification facility
, in relation to an acquirer who is leaving the indirect tax zone from an airport, or seaport, at which the tourist refund scheme is administered, means the place, at the airport or seaport, at which the scheme is administered.
Note:
The tourist refund scheme will not be administered at every airport and seaport in Australia.
unabsorbed contribution
: see subsection
70-5.02A(5)
.
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