Federal Register of Legislation - Australian Government

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Other as made
This instrument provides that an input tax credit for a creditable acquisition is attributable to a tax period for an acquisition by a lessee or sub-lessee of commercial premises when they or their agent hold documents other than a tax invoice following the sale of the reversionary interest in those premises. This instrument also sets out the particular information that must be included in these documents for the input tax credit to be attributed to that tax period.
Administered by: Treasury
Made 19 Mar 2013
Registered 21 Mar 2013
Tabled HR 14 May 2013
Tabled Senate 14 May 2013

Legislative Instrument

 

A New Tax System (Goods and Services Tax) Waiver of Tax Invoice Requirement (Creditable Acquisition by a Lessee or Sub-Lessee Following a Sale of a Reversion in Commercial Premises) Legislative Instrument 2013

 

I, James O’ Halloran, Deputy Commissioner of Taxation, make this legislative instrument under subsection 29-10(3) of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act).

 

 

1.            Name of instrument

This legislative instrument is the A New Tax System (Goods and Services Tax) Waiver of Tax Invoice Requirement (Creditable Acquisition by a Lessee or Sub-Lessee Following a Sale of a Reversion in Commercial Premises) Legislative Instrument 2013.

 

 

2.            Commencement and application of this instrument

(a)        This legislative instrument commences on 1 July 2010.

(b)        This legislative instrument applies to creditable acquisitions made by a lessee of commercial premises following the sale of the reversion in those premises to the extent that the input tax credits for creditable acquisitions are attributable to tax periods commencing on or after 1 July 2010.

(c)        This legislative instrument does not revoke, amend or vary any previous legislative instrument made by the Commissioner or delegate.

 

 

3.            Waiver of the requirement to hold a tax invoice

For the purposes of attributing an input tax credit for a creditable acquisition to a tax period, a lessee is not required (under subsection 29-10(3) of the GST Act) to hold a tax invoice for the creditable acquisition where the requirements provided by this instrument are satisfied.

 

4.            Waiver from holding a tax invoice requirements

At the time the lessee gives its GST return for the tax period to the Commissioner:

(a)       the lessee or their agent must hold a document that was issued by the current owner of the commercial premises;

(b)       the lessee or their agent must hold a document that was issued by the owner or sub-lessor who originally granted the lease or sub-lease of the commercial premises; and

(c)       the documents meet the information requirements set out in clause 5.

 

 

5.            Document information requirements

(1)        The document referred to in paragraph 4(a) must contain enough information to enable the following to be clearly ascertained:

(a)       the identity and ABN of the current owner of the commercial premises;

(b)       the address of the commercial premises; and

(c)       the consideration payable for the lease for which there is an entitlement to an input tax credit.

(2)        The document referred to in paragraph 4(b) must meet the requirements of subsection 29-70(1) of the GST Act as they applied to the owner or sub-lessor who originally granted the lease or sub-lease of the commercial premises.

 

 

6.            Definitions

(1)          Commercial premises include all forms of premises other than residential premises, supplies of which are input taxed under section 40-35 of the GST Act.

(2)          Current owner of the commercial premises means the owner of the reversion in the commercial premises.  It also refers to an assignee that becomes the sub-lessor when a leasehold estate is assigned subject to a sub-lease of commercial premises.

(3)          Lessee includes a sub-lessee.


(4)          Reversion means the freehold interest acquired when commercial premises are sold subject to a lease.  It also refers to the interest acquired when a leasehold estate is assigned subject to a sub-lease of commercial premises.

(5)          Other expressions in this legislative instrument have the same meaning as in the GST Act.

 


Dated 19 March 2013

 

 

James O’Halloran
Deputy Commissioner of Taxation