Goods and Services Tax: Waiver of Requirement to hold a Tax Invoice Determination 2017 – Members of MasterCard International and Visa International – Bank Interchange Services (Cth)

Legislative Instrument

Goods and Services Tax: Waiver of Requirement to hold a Tax Invoice Determination 2017 – Members of MasterCard International and Visa International – Bank Interchange Services

I, Timothy Dyce, Deputy Commissioner of Taxation, make this determination under subsection 29-10(3) of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act).

Timothy Dyce Deputy Commissioner of Taxation Dated: 12/04/2017

1. Name of determination

This determination is the Goods and Services Tax: Waiver of Requirement to hold a Tax Invoice Determination 2017 – Members of MasterCard International and Visa International – Bank Interchange Services.

2. Commencement

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 of Requirement to hold a Tax Invoice Determination 2000 - Members Of MasterCard International And Visa International - F2007B00013 (previous determination), registered on 11 January 2007. The previous determination is repealed from 1 April 2017.

4. Application

This determination applies to a member in certain circumstances to waive the requirement for a tax invoice under subsection 29-10(3) of the GST Act when an entity has made a creditable acquisition and is entitled to an input tax credit.

This determination is substantially to the same as the previous determination it replaces. An entity that satisfied the requirements of the previous determination will satisfy the requirements of this determination.

5. Circumstances where the requirement for a tax invoice does not apply.

(1) A member will not be required to hold a tax invoice for an acquisition of bank interchange services in order to attribute an input tax credit on that acquisition to a tax period provided: