Document ID: chunk:federal_register_of_legislation:F2019N00027:body:0:p27
Version: federal_register_of_legislation:F2019N00027
Segment Type: other
Provision Reference: 
Character Range: 67467–70176

services tax) payable in respect of that Quarter that are referrable to Credit Card Transactions undertaken in the Scheme in that Quarter in that category.

    7. Commencement and Implementation

    7.1 This Standard comes came into force on the Commencement Date, but certain provisions in it have had a transitional application as set out in this clause 7 of this Standard as at the Commencement Date.

    7.2   Determination of whether there is an Above Benchmark Reference Period must be made Quarterly in accordance with clause 4.2 from the Commencement Date irrespective of whether the relevant Reference Period commenced before or after the Commencement Date. This means that the first determination under clause 4.2 must be made after the Commencement Date in relation to the Reference Period ending 30 June 2017, even though that Reference Period commenced before the Commencement Date.

    7.3   For the purposes only of:

       (a) clause 5; and

       (b) clause 6.4 and clause 7.4 as it relates to clause 6.4:

    the:

       (c) first Reporting Period will be the period from the Registration Date to 30 June 2018; and

       (d) Net Compensation in relation to an Issuer and a Scheme is to be calculated for that first Reporting Period using only the Issuer Receipts of the Issuer and the Issuer Payments of the Issuer over that first Reporting Period that directly or indirectly relate to issue or use of Credit Cards of the Scheme, or Credit Card Transactions in the Scheme, on or after the Commencement Date.

    7.4   The first reports and certifications under clauses 6.2, 6.3 and 6.4 must be made by 31 July 2018 in respect of the Reporting Period ending on 30 June 2018.

    7.2   This Standard as varied with effect from 1 July 2019 must be complied with for the Reporting Period ending on 30 June 2020 and all subsequent Reporting Periods. For the Reporting Period ending on 30 June 2019 a Direct Issuer Participant in a Scheme may elect to comply, in relation to that Scheme, with either:

       (a) this Standard as in effect on 30 June 2019; or

       (b) this Standard as amended with effect on 1 July 2019 as if this Standard so amended had been in effect from 1 July 2018,

    and must notify its election of (a) or (b) (Transitional Election) to the administrator of the Scheme no later than 1 July 2019.

    7.3   An administrator of a Scheme in Australia that receives a notification under clause 7.2 from a Direct Issuer Participant must provide its certification under clause 6.4 in relation to that Direct Issuer Participant and the Reporting Period ending on 30 June 2019 on the same basis as that specified in the Transitional Election made by that Direct