196‑1.01 Definitions196‑1.01 Definitions

#### 196‑1.01 Definitions > Note: A number of expressions used in this instrument are defined in the Act, including the following: (a) Comptroller‑General of Customs; (b) electronic payment; (c) entity; (d) family member; (e) relevant traveller. In this instrument: > account, except in subsection 40‑5.09(3), means: (a) an account mentioned in item 1 of the table in subsection 40‑5.09(3); or (b) an account in relation to which the account holder (the customer) has the right: (i) to have the account maintained by the account provider (the provider); and (ii) to repayment of the amount credited to the account by the provider; and (iii) to require the provider to act on directions by the customer that are in accordance with the arrangements, or any agreement, between the provider and the customer in relation to operation of the account. > acquirer means a person who acquires goods the supply of which is a taxable supply. > acquisition: (a) has the meaning given in the Act; and (b) in Division 40, also has a meaning affected by section 40‑5.05. > Act means the A New Tax System (Goods and Services Tax) Act 1999. > approved entity means an entity with an approval under section 33‑15.03 to make deferred payments of assessed GST on taxable importations. > APRA means the Australian Prudential Regulation Authority. > associated person means: (a) in relation to a partner in a partnership: (i) if the partner is not an individual—the partner; and (ii) if the partner is an individual—the partner or a family member of the partner; or (b) in relation to a shareholder in a company: (i) if the shareholder is not an individual—the shareholder; and (ii) if the shareholder is an individual—the shareholder or a family member of the shareholder. > ATM means automatic teller machine. > Australian ADI has the meaning given by section 9 of the Corporations Act 2001. > barrier copy, in relation to an invoice, means the copy of the invoice that is attached to the sealed package in which the goods to which the invoice relates are enclosed when the goods are passed into the possession of the relevant traveller. > charge card means an article, commonly known as a charge card, for use in obtaining cash, goods or services by incurring a debt with the issuer of the card. > closely related: see section 70‑5.01A. > credit card: (a) means an article commonly known as a credit card and any similar article for use in obtaining cash, goods or services on credit; and (b) includes an article commonly issued by persons conducting business to their customers, or prospective customers, for use in obtaining goods or services from the business on credit. > credit union means: (a) an Australian ADI listed on the APRA website as a credit union; or (b) an Australian ADI listed on the APRA website as an Australian‑owned bank that: (i) on or before 1 July 2011 was listed on the APRA website as a credit union; and (ii) retains mutuality; and (iii) was listed on the APRA website as a credit union at all times in the period between 1 July 2011 and the time it was listed on the APRA website as an Australian‑owned bank; or (c) the Cairns Penny Savings & Loans Limited (ACN 087 933 757). > Note: A list of Australian ADIs could in 2019 be viewed on APRA’s website (https://www.apra.gov.au/). > customer copy, in relation to an invoice, means the copy of the invoice that is placed inside the sealed package in which the goods to which the invoice relates are enclosed when the goods are passed into the possession of the relevant traveller. > debit card means an article intended for use by an entity in obtaining access to an account held by the entity for the purpose of withdrawing or depositing cash or obtaining goods or services. > derivative means an agreement or instrument the value of which depends on, or is derived from, the value of assets or liabilities, an index or a rate. > disposal, of an interest, includes assignment, cancellation, redemption, transfer and surrender of the interest. > family company, of an individual, means a company each shareholder of which is either the individual or a family member of the individual. > family trust, of an individual, means a trust that distributes income or capital of the trust only to the individual or family members of the individual (whether or not other distributions could lawfully be made). > financial supply facilitator: see section 40‑5.07. > financial supply provider: see section 40‑5.06. > fixed trust has the same meaning as in section 995‑1 of the Income Tax Assessment Act 1997. > foreign currency means a currency other than: (a) Australian currency; or (b) currency that consists of digital units of value to which paragraphs (a) to (f) of the definition of digital currency in section 195‑1 of the Act apply. > incidental financial supply: see section 40‑5.10. > interest means anything that is recognised at law or in equity as property in any form. > LAG product means a liquid, aerosol, gel, cream or paste that is in a container that has a capacity of more than 100 ml. > managed investment scheme has the meaning given by section 9 of the Corporations Act 2001. > mortgage loan means a loan secured by a mortgage over real property. > mortgage scheme means a managed investment scheme that has at least 50% of its non‑cash assets invested in mortgage loans or in one or more other mortgage schemes. > officer of Customs has the meaning given by subsection 4(1) of the Customs Act 1901. > participant, in a payment system, means a person who is a participant in the system in accordance with the rules governing the operations of the system. > payment system means a funds transfer system that facilitates the circulation of money or digital currency, including any procedures that relate to the system. > permitted beneficiary: see subsections 48‑10.03(3), (4) and (5). > provision, of an interest, includes allotment, creation, grant and issue of the interest. > receiving enterprise has the meaning given by subsection 70‑5.02A(1). > recognised trust scheme means a trust that has the following features: (a) the entity that acts in the capacity of trustee or responsible entity of the trust is carrying on, in its own capacity, an enterprise that includes making taxable supplies to the trust; (b) the trust is: (i) a managed investment scheme, or part of a managed investment scheme, other than a securitisation entity or a mortgage scheme; or (ii) an approved deposit fund within the meaning of the Superannuation Industry (Supervision) Act 1993; or (iii) a pooled superannuation trust within the meaning of the Superannuation Industry (Supervision) Act 1993; or (iv) a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993; or (v) a regulated superannuation fund (other than a self managed superannuation fund) within the meaning of the Superannuation Industry (Supervision) Act 1993. > registered training organisation has the meaning given by section 3 of the National Vocational Education and Training Regulator Act 2011. > related entity means: (a) for an entity that is a member of a GST group—any other member of the GST group; or (b) for an entity that is a joint venture operator for a GST joint venture—any other company that is a participant in the GST joint venture; or (c) for an entity that has a GST branch—any GST branch the entity has; or (d) for an entity that is a GST branch—the parent entity that has the GST branch and any other GST branch the parent entity has. > securities has the meaning given by subsection 92(1) of the Corporations Act 2001. > securitisation entity means a trust that meets the conditions in subsection 820‑39(3) of the Income Tax Assessment Act 1997 at the time of the supply. > Note 1: The relevant supply is mentioned in item 32 of the table in subsection 70‑5.02(1). > Note 2: Whether a trust meets the conditions in subsection 820‑39(3) of the Income Tax Assessment Act 1997 is affected by subsection 820‑39(4) of that Act. > seller includes an employee or agent of a seller. > shareholder of a company that is an unincorporated association means a member of the association. > smart card means an article, commonly known as a smart card, that has the capacity to keep a record of financial transactions using the article. > supplying enterprise has the meaning given by subsection 70‑5.02A(1). > tourist refund scheme means the arrangements set out in Division 168 of the Act. > transaction card means a debit card, charge card, credit card or smart card. > TRS verification facility, in relation to an acquirer who is leaving the indirect tax zone from an airport, or seaport, at which the tourist refund scheme is administered, means the place, at the airport or seaport, at which the scheme is administered. > Note: The tourist refund scheme will not be administered at every airport and seaport in Australia. > unabsorbed contribution: see subsection 70‑5.02A(5). > waste includes green waste and recyclables. Chapter 7—Transitional