This Draft Ruling, released on Wed 27.2.2013, sets out the requirements for adjustment notes under Div 29 of the GST Act. In particular, it outlines: (a) when a document is in the approved form for an adjustment note; (b) the information requirements the Commissioner has determined under s 29-75(1)(c) and an explanation of how those information requirements in the A New Tax System (Goods and Services Tax) Adjustment Note Information Requirements Determination 2012 apply; and (c) when the Commissioner will treat a particular document as an adjustment note even though that document does not meet all of the adjustment note requirements under s 29-75(1).
The Draft also summarises the circumstances when a decreasing adjustment can be attributed without an adjustment note as determined by the Commissioner under s 29-20(3).
However, it does not consider third party adjustments and third party adjustment notes under Div 134. Nor does it consider in detail special rules in the GST Act that may be relevant to adjustment notes, including those concerning agents, insurance brokers, GST groups and GST branches.
The Draft states a document is in the approved form for an adjustment note if it includes the information required by s- 29 75(1) (including the additional information requirements which the Commissioner has determined) and if applicable s 54-50. In doing so it examines, among other things, the following matters:
- details of more than one adjustment on an adjustment note;
- combined adjustment note and tax invoice;
- summary statements and subsequent invoices;
- adjustment notes in electronic form;
- the meaning of “clearly ascertained” from the information in the document;
- the identity of the supplier or the recipient; and
- partly taxable supplies
DATE OF EFFECT: When finalised, the Ruling is proposed to apply from 1 July 2010. Note also that GST Ruling GSTR 2000/1 (Adjustment notes) will be withdrawn when the final Ruling is issued, but that taxpayers may rely on it for the purposes of s 357-60 of Sch 1 to the TAA until the Ruling is withdrawn.
COMMENTS are due by 10 April 2013. ATO contact: Stephen Willis – Tel: (07) 3213 8967; Fax: (07) 3213 8499; Email: stephen.willis@ato.gov.au.
[LTN 39, 27/2/13]