A New Tax System (Goods and Services Tax) Regulations 1999 (repealed)
Part 4-2
-
Special rules mainly about supplies and acquisitions
Division 70
-
Financial supplies (reduced credit acquisitions)
70-5.02B
Reduced credit acquisitions
(1)
The following acquisitions may be reduced credit acquisitions under regulation 70-5.02A :
(2)
However, something that is used in making a reduced credit acquisition is not, for that reason, a reduced credit acquisition.
The following acquisitions may be reduced credit acquisitions under regulation 70-5.02A :
Item | Reduced credit acquisition |
Senior executive management | |
1 | Provision of senior management services, including:
(a) corporate strategy and development; and (b) investment strategy and performance measurement functions; and (c) profit or business centre performance support |
2 | Provision of support systems associated with the provision of senior management services |
Human resources support | |
3 | Provision of human resources support services, including:
(a) general advice and planning; and (b) recruitment assistance; and (c) compensation advice and management; and (d) training |
4 | Processing and maintenance of employee data and files |
Corporate marketing and communications | |
5 | Provision of corporate information and communication services |
6 | Provision of marketing administration and media support services |
Financial management | |
7 | Performance of financial management service functions, including:
(a) tax law compliance; and (b) corporate treasury operations; and (c) financial control (including statutory reporting and accounting policy); and (d) general ledger account reporting functions, including paying and processing invoices and payment instructions; and (e) internal audit functions; and (f) management reporting systems; and (g) setting intrabank transfer pricing policy; and (h) corporate insurance; and (i) centralised payroll functions |
Supply procurement and management | |
8 | Process and management services for the procurement of supplies |
Credit, operational and risk management | |
9 | Establishment and application of credit policy |
10 | Development, establishment and application of policies, monitoring systems and procedures to manage market and operational risk |
11 | Development and application of security processes related to fraud prevention |
Relationship management | |
12 | Provision of supervision, monitoring and management services in support of client relationships |
In-house legal services | |
13 | Provision of legal services, including:
(a) company secretary functions; and (b) regulatory and legal compliance |
Technology systems | |
14 | Provision of systems development and computer programming services |
15 | Maintenance and operation of transaction processing systems (including communications and applications systems) |
16 | Development and maintenance of disaster recovery systems |
Business services | |
17 | Provision of transport, security and mail services |
18 | Property management |
However, something that is used in making a reduced credit acquisition is not, for that reason, a reduced credit acquisition.
Examples for subregulation (2)
1 Consultant's services used in the provision of recruitment services. 2 Labour hire services used in the provision of security services.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.