Goods and Services Tax: Waiver of Tax Invoice Requirement (Corporate Card Statements) No. 2 Determination 2020
9. Use of signed statements for obtainin9. Use of signed statements for obtaining transaction information
Start here
Get a plain-English read of 9. Use of signed statements for obtainin
Turn the raw legal text into a practical explanation grounded in Goods and Services Tax: Waiver of Tax Invoice Requirement (Corporate Card Statements) No. 2 Determination 2020.
9. Use of signed statements for obtaining transaction information
(1) The corporate card provider/acquirer may, in relation to a supplier, use the signed statement method in section 11 to calculate GST payable, provided they have a signed statement from each supplier that:
(a) states the ABN and Branch Registration Number (where applicable) of the supplier;
(b) states the type of supplies (that is, taxable, GST-free and/or input taxed supplies) made by the supplier and for which the corporate card is accepted as payment;
(c) where the supplier only makes taxable supplies - states whether or not GST is calculated at 1/11th of the price for all the taxable supplies made by the supplier; and
(d) provides the corporate card provider/acquirer with an undertaking the corporate card provider/acquirer will be notified when the supplier:
(i) ceases to be registered for GST; or
(ii) ceases to make only taxable supplies where the GST is calculated at 1/11th of the price.
(2) The corporate card provider/acquirer must retain the signed statement for at least 5 years after the supplier ceases their association with the corporate card provider/acquirer.