24 Jan 12 GST: retail foreign currency exchange transactions and rights for use outside Australia - GSTD 2011/D5 and GSTR 2003/8A2
On 21 December 2011, the ATO released for public comment by 17 February 2012 draft Goods and Services Tax Determination GSTD 2011/D5 entitled "Goods and services tax: Are acquisitions related to an entity's retail foreign currency exchange transactions with customers in Australia made solely for a creditable purpose under s 11-15 of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act)?"
The answer to the question posed is "No. The acquisitions are made only partly for a creditable purpose."
On the same day, the ATO issued Addendum GSTR 2003/8A2 to GST Ruling GSTR 2003/8 entitled "Goods and services tax: supply of rights for use outside Australia - subsection 38-190(1), item 4, paragraph (a) and subsection 38-190(2)".
On the same day, the ATO released for public comment by 17 February 2012 draft Addendum GSTR 2002/2DA entitled "Goods and services tax: GST treatment of financial supplies and related supplies and acquisitions".
The draft and amended determinations deal with issues raised by the decision of the High Court in Travelex Ltd v FCT  HCA 33; 2010 ATC 20-214;76 ATR 329.