Daily Archives: July 12, 2017

GSTD 2017/1 – GST: supply of credit card facility – use of card overseas is GST-free

On 12.7.17, the Commissioner issued GSTD 2017/1, in which he rules that the supply of a credit card facility is GST-free under para (a) of item 4 in s 38-190(1) of the GST Act to the extent the issuer anticipates that the cardholder (and any additional cardholders) will use the facility to undertake transactions while physically…

OECD releases draft contents of 2017 update to OECD Model Tax Convention – seeking comments on particular portions

The OECD Committee on Fiscal Affairs has just released the draft contents of the 2017 update to the OECD Model Tax Convention prepared by the Committee’s Working Party 1. The update has not yet been approved by the Committee on Fiscal Affairs or by the OECD Council. Comments are requested at this time only with…

VM 2017/D1 – ‘Goods and Services Tax: Valuable Metals Market Value Determination 2017’ – a draft determination of the s86-10(3) method by which taxpayers may determine the ‘market value’ of ‘Valuable Metals’ in goods supplied for the purposes of determining whether there is a s86-5 ‘reverse charge’ liability of the recipient of the goods

On 12 July 2017 (or thereabouts), the Commissioner issued as draft of the method by which an supplier and recipient of goods comprising ‘Valuable Metals’, or that had Valuable Metals included in them, could determine the market value of the Valuable Metal, and thus determine whether a reverse charge’ mechanism was imposed on the supply under…