A New Tax System (Goods and Services Tax) Third Party Adjustment Note Information Requirements Determination 2020 (Cth)

Legislative Instrument

A New Tax System (Goods and Services Tax) Third Party Adjustment Note Information Requirements Determination 2020

I, Louise Clarke, Deputy Commissioner of Taxation, make this determination under subsection 134‑20(1)(d) of the A New Tax System (Goods and Services Tax) Act 1999.

Louise Clarke Deputy Commissioner of Taxation Policy, Analysis and Legislation Law Design and Practice Date of Making: 11 September 2020

1. Name of instrument This determination is the A New Tax System (Goods and Services Tax) Third Party Adjustment Note Information Requirements Determination 2020.

2. Commencement This instrument commences on 1 October 2020.

3. Application This determination applies to third party adjustment notes issued under subsection 134‑20(1) of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act).

4. Determination This determination applies to the entity that makes the payment.

5. Information requirements for third party adjustment notes For the purposes of paragraph 134‑20(1)(d) of the GST Act, a third party adjustment note must contain enough information to enable the following to be clearly ascertained:

(a) the payer's identity, as specified in a form other than the payer's ABN (note that under paragraph 134‑20(1)(c) of the GST Act, the payer must also set out its ABN)

(b) the payee's identity or the payee's ABN

(c) a description of the thing that the payee acquires (including the quantity) and to which the payment relates

(d) the amount of the payment (being a payment of money, an offset of debt, or a credit to an account) that represents a third party payment under Division 134 of the GST Act