Australia Tax Agency Updates Guidance on GST Credits for Financial Supplies

The Australian Taxation Office July 30 updated guidance on GST credits for financial supplies. The updated guidance includes: 1) reportable amounts of financial supplies; 2) accounting methods; 3) exceptions for claiming credits; 4) apportionment of financial supplies; and 5) GST governance and record keeping provisions. The guidance further explains: 1) tax governance framework requirements; 2) evidence on controls, procedures, and systems within the company; and 3) priority issues such as determining the extent of credible purpose, reduced credit acquisitions, and significant or unusual transactions. [Australia, Australian Taxation Office, 07/30/19]

Reference:
View Guidance. View Index.