Goods and Services Tax: Waiver of Tax Invoice Requirement (Corporate Card Statements) No. 2 Determination 2020
10. Calculating GST payable or estimated10. Calculating GST payable or estimated GST amounts using the signed statement method
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10. Calculating GST payable or estimated GST amounts using the signed statement method
The signed statement method for calculating the GST payable or an estimated GST amount for a supply is as follows:
(a) for the GST payable where the supplier has indicated on the signed statement that the supplier only makes taxable supplies where the GST is 1/11th of the price, the corporate card provider/acquirer may calculate the GST payable on the supply as 1/11th of the price; or
(b) for an estimated GST amount where a supplier has indicated on the signed statement that the supplier makes taxable supplies where GST may not be 1/11th of the price, or the supplier is a mixed transaction supplier, the corporate card provider/acquirer may calculate an estimated GST amount of 1/11th of the price of the relevant transaction if:
(i) the corporate card provider/acquirer indicates the estimated GST amount for this transaction must be verified;
(ii) the corporate card provider/acquirer advises the cardholder to obtain a tax invoice for the supply before attributing an input tax credit to a tax period (if required by subsection 29-10(3) of the GST Act); and
(iii) at least one of the requirements in paragraphs 11(b)(i) and 11(b)(ii) is prominently displayed on the corporate card statement.