The ATO on Wed 29.10.2014, issued Draft GST Determination GSTD 2014/D4 which states that the supply of brokerage services that facilitate the sale or purchase of financial products on overseas securities or futures exchanges is a GST-free supply under para (a) of item 4 in the table in s 38-190(1) of the GST Act (Item 4). It includes 2 examples to illustrate whether particular transactions involving brokerages services will be GST-free.
DATE OF EFFECT: When the final Determination is issued, it is proposed to apply both before and after its date of issue.
COMMENTS are due by 28 November 2014. ATO Contact: John Gill – Tel: (03) 9215 3742; Fax: (03) 9285 1943; Email: John.Gill@ato.gov.au.
[LTN 209, 29/10/14]