Goods and Services Tax Determination

GSTD 2007/1A2 - Addendum

Goods and services tax: is a credit card provider entitled to a reduced input tax credit under item 27 of the table in subregulation 70-5.02(2) of the A New Tax System (Goods and Services Tax) Regulations 1999 for the acquisition of services from a co-branding partner where it pays commission for those services?

Addendum

This Addendum is a public ruling for the purposes of the Taxation Administration Act 1953. It amends Goods and Services Tax Determination GSTD 2007/1 to cross reference changes made to GSTR 2004/1 and GSTR 2002/2 which clarify that where a financial supply does not involve the supply of an interest, the ordinary meaning of 'financial supply provider' and 'financial supply facilitator' applies.

GSTD 2007/1 is amended as follows:

1. Paragraph 14

At the end of the paragraph, insert:

8A This concept is further explained in paragraphs 30 to 35 and footnote 11A of GSTR 2004/1 and paragraph 106A of GSTR 2002/2.

2. Paragraph 16

Omit the paragraph and substitute:

16. A financial supply facilitator is defined in regulation 40-5.07 of the GST Regulations, in relation to a supply of an interest, as an entity facilitating the supply of an interest for a financial supply provider.[8B]

This Addendum applies on and from 20 August 2014.

Commissioner of Taxation
20 August 2014

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You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

Footnotes

[8B]
This concept is further explained in paragraphs 30 to 35 and footnote 11A of GSTR 2004/1 and paragraph 106A of GSTR 2002/2.

References

ATO references:
NO 1-5OL2R2G

ISSN: 1443-5179

Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).