A New Tax System (Goods and Services Tax) Third Party Adjustment Note Information Requirements Determination (No. 1) 2010

Legislative Instrument A New Tax System (Goods and Services Tax) Third Party Adjustment Note Information Requirements Determination (No. 1) 20 10 I, Shane Reardon , Deputy Commissioner of Taxation , make this d etermination under subsection 134-20(1 ) (d) of the A New Tax System (Goods and Services Tax) Act 1999 . Shane Reardon Deputy Commissioner of Taxation Dated: 9 June 2010 Name of Determination This d etermination is the A New Tax System (Goods and Services Tax) Third Party Adjustment Note Information Requirements Determination (No. 1) 20 1 0 . 2. Commencement This d etermination commence s on 1 July 2010. 3. Documents to which the Determination a ppli es This d etermination 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 ( w ho is covered by this Determination ) T his d etermination applies to the entit y 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 ; (e) the amount of the payer’s decreasing adjustment under subsection 134-5(2) of the GST Act ; (f) the date the note is issued. 6. Definitions 1) Third party adjustment note means an adjustment note issued by a payer in the circumstances referred to in subsection 134-20(1) of the GST Act . 2) Other expressions in this determination have the same meaning as in the GST Act .