The A New Tax System (Goods and Services Tax) Waiver of Tax Invoice Requirement (Acquisitions from or Acquisitions by a Beneficiary of a Bare Trust) Legislative Instrument 2013 was registered on the Federal Register of Legislative Instruments on Thur 21.3.2013. It waives the requirement for a recipient making a creditable acquisition from a beneficiary through the trustee of a bare trust, or a beneficiary of a bare trust making a creditable acquisition from a third party through the trustee of the bare trust, to hold a tax invoice for an input tax credit to be attributable to a tax period when they hold a document that meets the requirements prescribed in the Instrument. The Instrument is taken to have commenced on 1 July 2010 and applies to net amounts for tax periods commencing on or after that date.
[LTN 55, 21/3/13]