On Wed 28.9.2016, the Commissioner registered the following Legislative Instruments:
- GST: Recipient Created Tax Invoice Determination (No 41) 2016 for Australian Financial Services Licensees and their Representatives – It allows an Australian Financial Services (AFS) licensee or a representative of an AFS licensee that is a recipient of a taxable supply of a financial planning service to a client on their behalf to issue the tax invoice (called a recipient created tax invoice or RCTI) subject to a number of provisos. This includes if the supplier is an AFS licensee or a representative of an AFS licensee as well. Further the AFS licensee or the representative that issues the RCTIs must determine the value of the taxable supply and satisfy the other requirements of the Legislative Instrument. The Determination applies retrospectively from 1 April 2016, which is when the previous Determination expired.
- GST: Simplified Accounting Method Determination (No 38) 2016 for Restaurants, Cafes and Caterers – purchases snapshot method – It provides restaurants, cafes and caterers (eligible food retailers) with a choice of using a simplified GST accounting method to calculate their entitlements to input tax credits for trading stock purchases for a tax period. The SAM contained in the Determination allows the input tax credits on trading stock to be estimated in a tax period by calculating a percentage for GST-free trading stock purchases worked out over a continuous 4-week sample period and applying that percentage to total trading stock purchases in the tax period. The Determination applies from Thur 29.9.2016.
- GST: Recipient Created Tax Invoice Determination (No 37) 2016 for Research Grants – It allows a grantor that is the recipient of a taxable supply of research to issue the RCTI if the grantor determines the value of the research grant in the manner set out under the Legislative Instrument and all other requirements of the Instrument are satisfied. The Determination applies from Thur 29.9.2016.
- GST: Recipient Created Tax Invoice Determination (No 36) 2016 for Recyclers – It allows a recycler that is the recipient of a taxable supply of second-hand goods to issue the RCTI if the recycler determines the value of the taxable supply in the manner set out under the Legislative Instrument and all other requirements of the Instrument are satisfied. The Determination applies from Thur 29.9.2016.
- GST: Waiver of Adjustment Note Determination 2016 (No 39) – Reverse Charged Supplies – It waives the requirement to hold an adjustment note for a decreasing adjustment if it relates to a taxable supply where the non-resident supplier and recipient agree that the GST payable for the supply will be reversed charged to the recipient under s83-5 of the GST Act, and they satisfy all requirements for reverse charging under that provision. The Determination applies from Thur 29.9.201].
- GST: Waiver of Tax Invoice Requirement Determination (No 40) 2016 – Government Undercover Agents – It waives the tax invoice requirement for government law enforcement agencies to claim input tax credits for creditable acquisitions relating to reimbursements of expenses incurred by their employees or agents when using an assumed name where due to the nature of their work, are unable to obtain a tax invoice. This is on the proviso that the government law enforcement agencies meet the requirements of the Legislative Instrument at the time they lodge their GST return. The Determination applies from Thur 29.9.2016.
[LTN 188, 28/9/16]