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 now been released that would implement this change. It proposes to expand the definition of “credit union” to also include APRA-listed banks that were APRA-listed credit unions as at 1 July 2011 and have not changed their corporate structure. The reg, once finalised, would have retrospective effect from 1 July 2011.
COMMENTS are due by 27 June 2012.
[LTN 113, 14/6]
GST Bill