Draft Regulations released so credit unions do not lose their reduced input tax credits for credit union services after they re-brand as banks [64]

In the 2012-13 Budget, the Government announced that it would amend the GST law to ensure that credit unions do not lose access to a reduced input tax credits for credit union services when they rebrand as banks but otherwise do not change their corporate structure. A draft regulation to amend the GST Regulations has…