Australia Tax Agency Seeks Comments on Compliance Guideline for GST Apportionment of Financial Supplies Acquisitions

The Australian Taxation Office Oct. 4 opened a consultation on a draft practical compliance guidance on the determination of GST apportionment for financial supplies. The guidance explains: 1) the apportionment of financial supplies; 2) GST governance and record-keeping provisions; 3) priority issues such as determining the extent of creditable purpose and reduced credit acquisitions; 4) a risk assessment framework explaining the five risk zones; and 5) a risk zone schedule for credit card customers. The measures would generally take effect Jan. 1, 2020. Comments are due Nov. 1. [Australia, Australian Taxation Office, 10/04/19]

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