Federal Register of Legislation - Australian Government

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Determinations/Taxation as made
This Determination relates to adjustment note requirements for waivers for members of MasterCard International and Visa International who are recipients of bank interchange services.
Administered by: Treasury
Registered 24 Nov 2006
Gazetted 08 Jun 2000
Date of repeal 01 Apr 2017
Repealed by Goods and Services Tax: Waiver of Adjustment Note Requirement Determination 2017 – Members of MasterCard International and Visa International – Bank Interchange Transfers

COMMONWEALTH OF AUSTRALIA

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999

DETERMINATION

 

Under subsection 29-20(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 to hold a Adjustment Note for a Decreasing Adjustment  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 recorded on reports produced by MASTERCARD INTERNATIONAL and/or VISA INTERNATIONAL, will not be required to hold an adjustment note 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 adjustments.

 

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 adjustment;

·        quantity or extent of adjustment (where applicable);

·        date of adjustment;

·        the GST-inclusive amount of the adjustment

·        Date of the report.


4.                  It has been determined that the holding of a 'bank interchange service' 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 an adjustment note 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.

 

 

 

 

Signed by Tracey Mellick

Assistant Commissioner of Taxation

Goods and Services Tax Law & Interpretation

Delegate of the Commissioner