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05 Nov 12 Hire purchase agreements: Practice Statement updated

The ATO has updated its Practice Statement PS LA 2008/1 (GA) which is about GST and input tax credits for acquisitions related to making supplies under a disclosed hire purchase agreement.

The Practice Statement now includes information about the ATO’s approach to arrangements entered into from 1 July 2012. This is to reflect amendments to the A New Tax System (Goods and Services Tax) Regulations 1999 (GST Regulations) to change the GST treatment of supplies made under hire purchase agreements; those amendments are effective for agreements entered into on or after 1 July 2012.

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