{"id":"F2017L00426","name":"Goods and Services Tax: Waiver of Adjustment Note Requirement Determination 2017 – Members of MasterCard International and Visa International – Bank Interchange Transfers","slug":"goods-and-services-tax-waiver-of-adjustment-note-requirement-determination-2017-members-of-mastercar","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":96175,"registerId":"commonwealth-F2017L00426-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Goods and Services Tax: Waiver of Adjustment Note Requirement Determination 2017 – Members of MasterCard International and Visa International – Bank Interchange Transfers","content":"Legislative Instrument\n\nGoods and Services Tax: Waiver of Adjustment Note Requirement Determination 2017 – Members of Mastercard International and Visa International – Bank Interchange Transfers\n\nI, Timothy Dyce, Deputy Commissioner of Taxation, make this determination under subsection 29-20(3) of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act).\n\nTimothy Dyce\n\nDeputy Commissioner of Taxation\n\nDated: 12/04/2017\n\n1.  Name of determination\n\nThis determination is the Goods and Services Tax: Waiver of Adjustment Note Requirement Determination 2017 – Members of MasterCard International and Visa International – Bank Interchange Transfers.\n\n2. Commencement\n\nThis determination commences on 1 April 2017.\n\n3. Repeal of previous determination\n\nThis determination replaces determination A New Tax System (Goods and Services Tax) Act 1999 Waiver to hold a Adjustment Note for a Decreasing Adjustment Determination 2000 - MEMBERS of MASTERCARD INTERNATIONAL and VISA INTERNATIONAL – F2006B11621 (previous determination), registered on 24 November 2006.The previous determination is repealed from 1 April 2017.\n\n4. Application\n\nThis determination applies to a member in certain circumstances to waive the requirement for an adjustment note under subsection 29-20(3) of the GST Act when an entity has a decreasing adjustment.\n\nThis determination is substantially the same as the determination it replaces. An entity that satisfied the requirements of the previous determination and that is a member will satisfy the requirements of this determination.\n\n5. Circumstances in which the requirement to hold an adjustment note does not apply\n\nA member that is the recipient of a supply of bank interchange services will not be required to hold an adjustment note in order to attribute a decreasing adjustment to a tax period provided the member satisfies the requirements in paragraph 6 of this determination.\n\n6. Requirements that must be satisfied by a member under this determination\n\n(1) A member will not be required to hold an adjustment note in order to attribute a decreasing adjustment to a tax period provided:\n\n(a) the member holds a bank interchange service report that records the adjustments\n\n(b) the bank interchange services report meets the requirements of subparagraph 6(2) of this determination, and\n\n(c) the member holds the bank interchange services report at the time the member gives its GST return for that tax period to the Commissioner.\n\n(2) Information to be contained in a bank interchange service report:\n\n(a) the recipient’s name\n\n(b) the recipient’s address and/or Australian business number, and\n\n(c) for each supply recorded on the report –\n\n(i) a brief description of adjustment\n\n(ii) the quantity or extent of adjustment (where applicable)\n\n(iii) the date of adjustment\n\n(iv) the GST-inclusive amount of the adjustment, and\n\n(v) the date of the report.\n\n(3) Although not mandatory, it may be advantageous to include a statement on the bank interchange services report to the effect that a member is not required to hold an adjustment note to attribute a decreasing adjustment covered by this determination.\n\n7. Definitions\n\nThe following expressions are defined for the purposes of this determination:\n\n    bank interchange services means a supply of credit and debit card services from other financial institutions as presented in a bank interchange service report.\n\n    bank interchange services report means a report produced by Mastercard International and/or Visa International detailing bank interchange services.\n\n    member means a member of Mastercard International and/or Visa International being a recipient of a supply of bank interchange services.\n\nOther expressions in this determination have the same meaning as in the GST Act.","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument replaces the 2006 determination but expressly states it is 'substantially the same' (s3–s4). It keeps the same class of recipients (members of Mastercard/Visa receiving bank interchange services) and the same functional outcome — waiving the adjustment note when specified report criteria are met (s5–s6). No expansion or narrowing of covered entities or new substantive obligations beyond those enumerated is indicated in the text."},"complexity_factors":["Narrow subject matter: applies only to members of Mastercard and/or Visa receiving bank interchange services (see 'member' and 'bank interchange services' definitions, s7).","Conditional waiver: waives statutory adjustment note requirement only if specific documentary conditions are met (waiver mechanism at s5; detailed conditions at s6).","Document standardisation: relies on a third‑party report (Mastercard/Visa) meeting enumerated content requirements (s6(2)), which reduces interpretive ambiguity but creates dependency on external formats.","Interplay with primary statute: made under subsection 29-20(3) of the GST Act — this is an administrative determination modifying how an Act requirement is satisfied, not changing tax liabilities.","Low administrative discretion: the determination prescribes specific required fields for the report (s6(2)), limiting ATO discretion but creating a precise compliance checklist.","Replacement of prior instrument: repeals and replaces a 2006 determination but states it is 'substantially the same', limiting scope shifts (s3–s4)."],"plain_english_summary":"This determination allows members of MasterCard and Visa to use a bank interchange services report instead of an adjustment note to attribute a decreasing GST adjustment to a tax period, provided the report contains specified information and is held when the member lodges its GST return (see s6). It affects members who receive bank interchange services: they no longer need a separate adjustment note but must retain and present a compliant interchange report, shifting the compliance burden onto record‑keeping of that report."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This is a straightforward re-enactment of a 2006 determination with no expansion of scope. Section 4 explicitly states it is 'substantially the same as the determination it replaces.' The instrument maintains the same narrow focus on bank interchange transfers for Mastercard and Visa members."},"complexity_factors":["Only 3 defined terms in the interpretation section","Single conditional requirement (paragraph 6) with straightforward sub-conditions","No cross-references to other legislation beyond the enabling provision (subsection 29-20(3) of the GST Act)","Clear, linear structure with minimal nesting of exceptions","Short length (7 sections, approximately 1 page)","Specific, narrow scope targeting only Mastercard/Visa members for one specific type of service"],"plain_english_summary":"This is a tax rule that gives a specific break to banks and financial institutions that are members of Mastercard or Visa. Normally, if a business gets a refund or price reduction (called a 'decreasing adjustment' in GST law), they need an official document called an 'adjustment note' to claim it on their tax return. This rule waives that requirement for these specific financial institutions—but only if they have a special report from Mastercard or Visa instead. The report must contain specific details like the business name, what the adjustment was for, when it happened, and how much money was involved. This essentially streamlines paperwork for big payment networks, letting them use their existing interchange reports rather than generating separate tax documents for every adjustment."}},"importantCases":[],"_links":{"self":"/api/acts/goods-and-services-tax-waiver-of-adjustment-note-requirement-determination-2017-members-of-mastercar","history":"/api/acts/goods-and-services-tax-waiver-of-adjustment-note-requirement-determination-2017-members-of-mastercar/history","analysis":"/api/acts/goods-and-services-tax-waiver-of-adjustment-note-requirement-determination-2017-members-of-mastercar/analysis","conflicts":"/api/acts/goods-and-services-tax-waiver-of-adjustment-note-requirement-determination-2017-members-of-mastercar/conflicts","importantCases":"/api/acts/goods-and-services-tax-waiver-of-adjustment-note-requirement-determination-2017-members-of-mastercar/important-cases","documents":"/api/acts/goods-and-services-tax-waiver-of-adjustment-note-requirement-determination-2017-members-of-mastercar/documents"}}