The Australia Taxation Office has launched a public consultation on GST governance and record keeping for financial suppliers in relation to the priority issues in the GST Financial Services and Insurance (FSI) strategy. The guidance is relevant for businesses making financial supplies, including banks, credit unions, and life insurers, as well as businesses engaged in capital raising or mergers and acquisitions, and businesses engaged in providing advice in the area of financial supplies. The priority issues addressed in the guidance include:
- Determining the extent of creditable purpose;
- Reduced credit acquisitions;
- The reverse charge for recipients of cross-border supplies;
- Rights for use offshore; and
- Significant or unusual transactions.
The deadline for comments is 18 March 2018.