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30 May 12 GST amending regs made

A New Tax System (Goods and Services Tax) Amendment Regulation 2012 (No 1) was made on 24 May 2012 and registered on the Federal Register of Legislative Instruments on 29 May 2011 as Select Legislative Instrument 2012 No 87.

The regulation amends the A New Tax System (Goods and Services Tax) Regulations 1999 to:

  • treat all components of a hire purchase transaction as taxable supplies,
  • extend the availability of reduced input tax credits relating to life insurance, lenders mortgage reinsurance and transactional fraud monitoring services,
  • modify access to a reduced input tax credit for recognised trust entities, and
  • clarify the language used in relation to guarantees and indemnities.

For a copy of the Explanatory Statement, click on the Explanatory Statement tab.

 


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