Goods and Services Tax Advice

GSTA TPP 004A2 - Addendum

Goods and services tax: how do entities accounting on a cash basis who enter into hire purchase agreements claim input tax credits where the principal component of each payment varies on each instalment?

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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 004 to limit the application of this public ruling to hire purchase agreements entered into prior to 1 July 2012.

GSTA TPP 004 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

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References

ATO references:
NO 1-409EPDL