The A New Tax System (Goods and Services Tax) Waiver of Tax Invoice Requirement (Creditable Acquisition by a Lessee or Sub-Lessee Following a Sale of a Reversion in Commercial Premises) Legislative Instrument 2013 was registered on the Federal Register of Legislative Instruments on Thur 21.3.2013.
It provides that an input tax credit for a creditable acquisition is attributable to a tax period for an acquisition by a lessee or sub-lessee of commercial premises when they or their agent hold documents other than a tax invoice following the sale of the reversionary interest in those premises. The Instrument also sets out the particular information that must be included in these documents for the input tax credit to be attributed to that tax period.
The Instrument is taken to have commenced on 1 July 2010 and applies to creditable acquisitions made by a lessee of commercial premises following the sale of the reversion in those premises to the extent that the input tax credits for creditable acquisitions are attributable to tax periods commencing on or after 1 July 2010.
[FJM Note: This Legislative Instrument says that a lessee wanting to claim input tax credits on the rent it is paying for commercial premises, will not need a ‘tax invoice’ after the reversion in commercial premises has been sold, if it still has a lease of for those premises that previously satisfied the requirements for a ‘tax invoice’ and now also has documents showing the change of ownership (and how much of the rent it will claim input tax credits on.]
[LTN 55, 21/3/13]