Commonwealth legislation

A New Tax System (Goods and Services Tax) Waiver of Adjustment Note Requirement Determination (No. 3) 2001 - Corporate Purchasing Account Holder of American Express International Inc.

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

3/10 complexity

This rule lets businesses using an American Express Corporate Purchasing Account rely on their Amex corporate account statement instead of a separate adjustment note when making straightforward GST claim corrections.

It does not apply for mixed supplies, adjustments where GST isn’t the standard 1/11th, or where the Amex statement itself is incorrect. It streamlines GST record-keeping for affected companies, sole traders, partnerships and similar entities.

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Current sections

Direct links to the current provisions in A New Tax System (Goods and Services Tax) Waiver of Adjustment Note Requirement Determination (No. 3) 2001 - Corporate Purchasing Account Holder of American Express International Inc..

Situations where an adjustment note is s

Situations where an adjustment note is still required

The Corporate Purchasing Account Holder will still need to obtain an adjustment note before attributing an adjustment to a tax period for an adjustment on the Corporate Purchasing Account Statement where:

(a) the Corporate Purchasing Account Statement indicates that the adjustment relates to a supply that may be a mixed supply or a taxable supply where GST is not 1/11 of the price; or

(b) where there is an error on the Corporate Purchasing Account Statement in relation to the adjustment.

Definitions

The following expressions are defined for the purposes of this determination:

the Act means the A New Tax System (Goods and Services Tax) Act 1999.

The person(s) who uses the Corporate Purchasing Account includes a partner, sole trader, contractor, director or employee of an entity.

Corporate Purchasing Account Statement is a statement of liability that is issued by American Express International Inc. to one of its clients.

Corporate Purchasing Account is an account that is held by and in the name of an entity and is used to purchase goods and services for commercial purposes.

Corporate Purchasing Account Holder is the registered entity that holds a Corporate Purchasing Account with American Express International Inc.

Mixed supply is a supply of one or more taxable supplies and any one of the following supplies:

a supply that is GST-free or input taxed;
a supply that was made before 1 July 2000.

Other expressions in this determination have the same meaning as in the Act.

Dated this 6th day of December 2001.

Signed by Anthony Long

Assistant Commissioner

Goods and Services Tax (Financial Supplies)

Delegate of the Commissioner

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

Situations where an adjustment note is s Situations where an adjustment note is still required