Australia Tax Agency Seeks Comments for Draft Ruling on Taxation of Financial Supplies

The Australian Taxation Office Aug. 10 opened a consultation on Draft Taxation Ruling No. GSTR 2002/2DC1, on the GST treatment of financial supplies and related activities. The draft ruling would clarify: 1) what does and doesn’t constitute a financial supply; 2) the types of acquisitions that entitle taxpayers to a reduced input tax credit; 3) the financial acquisitions threshold and the application of reduced input tax credits; and 4) the application of reverse charges on offshore intangible supplies. Comments are due Sept. 23. [Australia, Australian Taxation Office, 08/10/22]

Reference:
View Index. View GSTR 2002/2DC1.