1Goods and Services Tax: Waiver of Adjustment Note Requirement Determination 2017 – Members of MasterCard International and Visa International – Bank Interchange Transfers

Legislative Instrument

Goods and Services Tax: Waiver of Adjustment Note Requirement Determination 2017 – Members of Mastercard International and Visa International – Bank Interchange Transfers

I, 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).

Timothy Dyce

Deputy Commissioner of Taxation

Dated: 12/04/2017

1. Name of determination

This determination is the Goods and Services Tax: Waiver of Adjustment Note Requirement Determination 2017 – Members of MasterCard International and Visa International – Bank Interchange Transfers.

2. Commencement

This determination commences on 1 April 2017.

3. Repeal of previous determination

This 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VISA INTERNATIONAL – F2006B11621 (previous determination), registered on 24 November 2006.The previous determination is repealed from 1 April 2017.

4. Application

This 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.

This 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.

5. Circumstances in which the requirement to hold an adjustment note does not apply

A 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.

6. Requirements that must be satisfied by a member under this determination

(1) A member will not be required to hold an adjustment note in order to attribute a decreasing adjustment to a tax period provided:

(a) the member holds a bank interchange service report that records the adjustments

(b) the bank interchange services report meets the requirements of subparagraph 6(2) of this determination, and

(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.