Goods and Services Tax Advice

GSTA TPP 026A2 - Addendum

Goods and services tax: Can a full input tax credit for the GST in the principal component be claimed at the start of a hire purchase agreement, regardless of whether cash or accrual accounting is adopted?

• Please note that the PDF version is the authorised version of this ruling.
  View the consolidated version for this notice.

Addendum

This Addendum is a public ruling for the purposes of the taxation Administration Act 1953. It amends Goods and Services Tax Advice GSTA TPP 026 to limit the application of this public ruling to hire purchase agreements entered into prior to 1 July 2012.

GSTA TPP 026 is amended as follows:

1. Preamble

(a) Omit 'Note', insert 'Note 1'.

(b) After the Note, insert:

[Note 2: The views expressed in this ruling only apply where the hire purchase agreement has been entered into prior to 1 July 2012.]

2. 'Application of this GST advice'

(a) In the first sentence, omit '[to tax periods commencing]'.

(b) In the first sentence, after 'date of issue'; insert 'where the hire purchase agreement has been entered into before 1 July 2012.'.

This Addendum applies on and from 1 July 2012.

Commissioner of Taxation
11 June 2014

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

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).

References

ATO references:
NO 1-5H32K4G