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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This legislative instrument has been replaced by WTI 2017/4 (F2017L00426)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This determination takes effect from 1 July 2000 until it is withdrawn either by a further determination to you, or by a subsequent public ruling, or there is a specific change in legislation affecting the determination.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

F2007B00013

11 January 2007