WTI 2000/6


COMMONWEALTH OF AUSTRALIA

This legislative instrument has been replaced by WTI 2017/4 (F2017L00426)

A New Tax System (Goods and Services Tax) Act 1999

Under subsection 29-10(3) of the A New Tax System (Goods and Services Tax) Act 1999 and subsection 4(1) of the Acts Interpretation Act 1901 I make the following determination in respect of Members of MASTERCARD INTERNATIONAL and VISA INTERNATIONAL:

Citation

1. This determination may be cited as: A New Tax System (Goods and Services Tax) Act 1999 Waiver of Requirement to hold a Tax Invoice Determination 2000 - MEMBERS of MASTERCARD INTERNATIONAL and VISA INTERNATIONAL.

Substitute Tax Invoice

2. A MEMBER of MASTERCARD INTERNATIONAL and/or VISA INTERNATIONAL, being the recipient of a supply of credit and debit card services from other financial institutions, and known as 'bank interchange services' as presented in reports produced by MASTERCARD INTERNATIONAL and/or VISA INTERNATIONAL, will not be required to hold a tax invoice for an acquisition in order to attribute an input tax credit on the acquisition to a tax period provided:

·
at the time the MEMBER gives its GST return/Business Activity Statement ("BAS") for the tax period to the Commissioner;
·
the MEMBER holds a report produced by MASTERCARD INTERNATIONAL and/or VISA INTERNATIONAL that records the acquisitions.

3. The reports produced by MASTERCARD INTERNATIONAL and/or VISA INTERNATIONAL to MEMBERS should contain the following information:

·
Recipients name;
·
recipients address and /or Australian Business Number;
for each supply recorded on the report -
·
brief description of supply;
·
quantity or extent of supply (where applicable);
·
date of supply;
·
the GST-inclusive amount of the supply;
·
date of the report.

4. It has been determined that the holding of a 'bank interchange services' report produced by MASTERCARD INTERNATIONAL and/or VISA INTERNATIONAL prior to lodging a GST return/BAS are circumstances of the kind to which a MEMBER is not required to hold a tax invoice for an acquisition recorded on the report. Therefore, where ever possible, it would also be appropriate for a statement to this effect to be included on the report.

This determination takes effect from 1 July 2000 until it is withdrawn either by a further determination to you, or by a subsequent public ruling, or there is a specific change in legislation affecting the determination.



Dated this 8th day of June 2000.

Tracey Mellick
Assistant Commissioner
Goods and Services Tax Program
Delegate of the Commissioner


Registration Number: F2007B00013

Registration Date: 11 January 2007