A New Tax System (Goods and Services Tax) Regulations 2019
For the purposes of subsection 40-5(2) of the Act, a supply mentioned in section 40-5.09 of this instrument is not a financial supply if it is the supply of something, or an interest in or under something, that is mentioned in an item in the following table.
| Supplies that are not financial supplies | |
| Item | Supply of, or supply of an interest in or under … |
| 1 | Cheque and deposit forms and books supplied to an Australian ADI in connection with an account mentioned in item 1 of the table in subsection 40-5.09(3) |
| 2 | Special forms, or overprinting of standard forms, by an Australian ADI to the requirements of particular account holders in connection with an account mentioned in item 1 of the table in subsection 40-5.09(3) |
| 3 | Professional services, including information and advice, in relation to a financial supply |
| 4 | A payment system, except to the extent that it is digital currency |
| 5 | Stored value facility cards and prepayments not linked to accounts provided by an Australian ADI in connection with an account mentioned in item 1 of the table in subsection 40-5.09(3) |
| 6 | Goods in accordance with agreements under which the goods are supplied under a lease, if:
(a) the lessees have no obligation or option to acquire the rights of the lessors in the goods; or (b) the lessors dispose of their rights in the goods to the lessees |
| 7 | An option, right or obligation to make a taxable supply or acquire something the supply of which is a taxable supply, except a mortgage or charge mentioned in item 3 of the table in subsection 40-5.09(3) |
| 8 | A supply made as a result of the exercise of an option or right, or the performance of an obligation, to make taxable supply or acquire something the supply of which is a taxable supply, including an option, right or obligation under a mortgage or charge mentioned in item 3 of the table in subsection 40-5.09(3) |
| 9 | Facilities for:
(a) trading securities or derivatives; and (b) clearance and settlement of those trades |
| 10 | Insurance and reinsurance business, except life insurance business mentioned in item 6 of the table in subsection 40-5.09(3) |
| 11 | Broking services |
| 12 | Management of the assets or liabilities of another entity, including investment portfolio management and administration services for trusts or superannuation, pension or annuity funds |
| 13 | Debt collection services |
| 14 | Sales accounting services under a factoring arrangement, or an arrangement having the same effect as a factoring arrangement |
| 15 | Trustee services |
| 16 | Custodian services in relation to money, digital currency, documents and other things |
| 17 | (a) Australian currency, or foreign currency, the market value of which exceeds its stated value as legal tender; or
(b) an agreement to buy or sell currency to which paragraph (a) applies |
| 18 | An arrangement for the provision of goods to an entity for display or demonstration pending disposal of the goods to a third party |
| 19 | Goods supplied under a hire purchase agreement entered into on or after 1 July 2012 |
| 20 | Credit under a hire purchase agreement entered into on or after 1 July 2012 |
| 21 | A warranty for goods |
Note 1:
If something is within the scope of both an item in the table in subsection 40-5.09(3) and an item in the table in this section, it will not be a financial supply (see paragraph 40-5.08(a) ).
Note 2:
This section does not apply in relation to incidental financial supplies. As a result, if something is both an incidental financial supply and within the scope of an item in the table in this section, it will still be a financial supply.
Note 3:
Sections 7-1 and 9-70 of the Act, and this section in respect of items 7 and 8 of the table in this section, have the effect that GST is payable on the premium (if any) on a taxable deliverable commodity derivative and the price on settlement when the commodity is delivered.
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