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04 Oct 1111 Decision Impact Statement - American Express

The ATO has issued a Decision Impact Statement in relation to the Full Federal Court's decision in FCT v American Express International Inc; FCT v American Express Wholesale Currency Services Pty Limited [2011] HCATrans114; [2010] FCAFC 122; 2010 ATC 20-212.

The case concerned the GST treatment of fees incurred for late payment under charge card and credit card facilities. The issue was whether the fees were consideration for an input taxed financial supply. A majority of the Full Federal Court found for the Commissioner and the High Court refused the taxpayers special leave to appeal that decision.

The Commissioner states in his Decision Impact Statement that he will review the view expressed in GSTR 2004/1 concerning the meaning of a participant in a payment system for the purposes of regulation 40-5.12 of the GST Regulations in light of the reasoning of the majority of the Court.


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