withdrawn either by a further determination to you, or by a subsequent public ruling, or there is a specific change in legislation affecting the determination
Reference: WAN 2000/3
Document type: Legislative Instrument
Enabling act: A New Tax System (Goods and Services Tax) Act 1999
Date of issue: 8 June 2000
Signatory: Tracey Mellick Assistant Commissioner of Taxation Goods and Services Tax Law & Interpretation Delegate of the Commissioner
Registration number: F2006B11621
Registration date: 24 November 2006


Citation | 1. This determination may be cited as: 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. | Substitute Tax Invoice | 2. A MEMBER of MASTERCARD INTERNATIONAL and/or VISA INTERNATIONAL, being the recipient of a supply of credit and debit card services from other financial institutions, and known as 'bank interchange services' as recorded on reports produced by MASTERCARD INTERNATIONAL and/or VISA INTERNATIONAL, will not be required to hold an adjustment note for an acquisition in order to attribute an input tax credit on the acquisition to a tax period provided: • at the time the MEMBER gives its GST return/Business Activity Statement ("BAS") for the tax period to the Commissioner; • the MEMBER holds a report produced by MASTERCARD INTERNATIONAL and/or VISA INTERNATIONAL that records the adjustments. | • at the time the MEMBER gives its GST return/Business Activity Statement ("BAS") for the tax period to the Commissioner; • the MEMBER holds a report produced by MASTERCARD INTERNATIONAL and/or VISA INTERNATIONAL that records the adjustments. | 3. The reports produced by MASTERCARD INTERNATIONAL and/or VISA INTERNATIONAL to MEMBERS should contain the following information: • Recipients name; • recipients address and /or Australian Business Number; for each supply recorded on the report; • brief description of adjustment; • quantity or extent of adjustment (where applicable); • date of adjustment; • the GST-inclusive amount of the adjustment; • date of the report. | • Recipients name; • recipients address and /or Australian Business Number; for each supply recorded on the report; • brief description of adjustment; • quantity or extent of adjustment (where applicable); • date of adjustment; • the GST-inclusive amount of the adjustment; • date of the report. | 4. It has been determined that the holding of a 'bank interchange services' report produced by MASTERCARD INTERNATIONAL and/or VISA INTERNATIONAL prior to lodging a GST return/BAS are circumstances of the kind to which a MEMBER is not required to hold an adjustment note for an acquisition recorded on the report. Therefore, wherever possible, it would also be appropriate for a statement to this effect to be included on the report. | This determination takes effect from 1 July 2000 until it is withdrawn either by a further determination to you, or by a subsequent public ruling, or there is a specific change in legislation affecting the determination.