On 1 November 2012, the Tax Office updated Practice Statement Law Administration PS LA 2008/1 (GA) – GST and input tax credits for acquisitions related to making supplies under a disclosed hire purchase agreement entered into before 1 July 2012. The Practice Statement outlines the Commissioner’s approach to calculating the input tax credit entitlement for acquisitions that relate to the making of supplies under disclosed hire-purchase agreements.
The update adds “entered into before 1 July 2012” to the title to reflect the scope of arrangements it applies to. It also includes new paras to reflect changes to the GST treatment of supplies made under hire purchase agreements effective for agreements entered into on or after 1 July 2012 as a result of amendments to the GST Regs.
[LTN 214, 5/11]