COMMONWEALTH OF AUSTRALIA
A New Tax System (Goods and Services Tax) Act 1999I, Timothy Dyce, Deputy Commissioner of Taxation, make this determination under subsection 29-20(3) of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act).
1. Name of determination
This determination is the Goods and Services Tax: Waiver of Adjustment Note Requirement Determination 2017 - Members of MasterCard International and Visa International - Bank Interchange Transfers
This determination commences on 1 April 2017.
3. Repeal of previous determination
This determination replaces determination A New Tax System (Goods and Services Tax) Act 1999 Waiver to hold a Adjustment Note for a Decreasing Adjustment Determination 2000 - MEMBERS of MASTERCARD INTERNATIONAL and VISA INTERNATIONAL - F2006B11621 (previous determination), registered on 24 November 2006. The previous determination is repealed from 1 April 2017.
This determination applies to a member in certain circumstances to waive the requirement for an adjustment note under subsection 29-20(3) of the GST Act when an entity has a decreasing adjustment.
This determination is substantially the same as the determination it replaces. An entity that satisfied the requirements of the previous determination and that is a member will satisfy the requirements of this determination.
5. Circumstances in which the requirement to hold an adjustment note does not apply
A member that is the recipient of a supply of bank interchange services will not be required to hold an adjustment note in order to attribute a decreasing adjustment to a tax period provided the member satisfies the requirements in paragraph 6 of this determination.
6. Requirements that must be satisfied by a member under this determination
(1) A member will not be required to hold an adjustment note in order to attribute a decreasing adjustment to a tax period provided:
- the member holds a bank interchange service report that records the adjustments
- the bank interchange services report meets the requirements of subparagraph 6(2) of this determination, and
- the member holds the bank interchange services report at the time the member gives its GST return for that tax period to the Commissioner.
(2) Information to be contained in a bank interchange service report :
- the recipient's name
- the recipient's address and/or Australian business number, and
- for each supply recorded on the report -
- a brief description of adjustment
- the quantity or extent of adjustment (where applicable)
- the date of adjustment
- the GST-inclusive amount of the adjustment, and
- the date of the report.
(3) Although not mandatory, it may be advantageous to include a statement on the bank interchange services report to the effect that a member is not required to hold an adjustment note to attribute a decreasing adjustment covered by this determination.
The following expressions are defined for the purposes of this determination:
bank interchange services means a supply of credit and debit card services from other financial institutions as presented in a bank interchange service report .
bank interchange services report means a report produced by Mastercard International and/or Visa International detailing bank interchange services .
member means a member of Mastercard International and/or Visa International being a recipient of a supply of bank interchange services .
Other expressions in this determination have the same meaning as in the GST Act.
Dated: 12 April 2017
Deputy Commissioner of Taxation
Registration Number: F2017L00427
Registration Date: 12 April 2017
Related Explanatory Statements:
WAN 2017/3 - Explanatory statement