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

COMMONWEALTH OF AUSTRALIA A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 DETERMINATION Under subsection 29-10(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 det ermination in respect of MEMBERS of MASTERCARD INTERNATIONAL and VISA INTERNATIONAL: Citation This determination may be cited as: A New Tax System (Goods and Services Tax) Act 1999 Waiver of Requirement to hold a Ta x Invoice 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 presented in reports produced by MASTERCARD INTERNATIONAL and/or VISA INTERNATIONAL, will not be required to hold a tax invoice 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 acquisitions. 3. The reports produced by MASTERCARD INTERNATIONAL and/or VISA INTERNATIONAL to MEMBERS should contain the following information: Recipients name; R ecipients address and /or Australian Business Number; for each supply recorded on the report – brief description of supply; quantity or extent of supply (where applicable); date of supply; the GST -inclusive amount of the supply D ate of the report. 4. It has been determined that the holding of a 'bank interchange services' 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 a tax invoice 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 This determination takes effect from 1 July 2000 until it is withdrawn either by a further determination to you, or by a subsequent public ruling, or there is a specific change in legislation affecting the determination.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 8 th day of June 2000. Signed by Tracey Mellick Assistant Commissioner of Taxation Goods and Services Tax Law & Interpretation Delegate of the Commissioner