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22 Jun 09 Late payment fees not consideration for financial supply - American Express

The Federal Court (Emmett J) has held that payments made by the holders of credit cards and charge cards to the issuers of such cards (companies in the American Express group), following default by the holders, did not constitute consideration for or in connection with a "financial supply" within the meaning of s 40-5 of the GST Act and reg 40-5.09(1) of the GST Regulations: American Express International Inc v FCT [2009] FCA 683 (Federal Court, Emmett J, 19 June 2009).
 
For a copy of the decision, go here

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