Document ID: chunk:federal_register_of_legislation:F2020L01518:body:0:p3
Version: federal_register_of_legislation:F2020L01518
Segment Type: other
Provision Reference: 
Character Range: 6411–9689

or recognised code identifying the supplier's industry;

                  (vi)              the GST payable; and

                  (vii)            the total amount paid.

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.

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.

11.              Accuracy requirements for corporate card statements
    Where the corporate card provider has reason to consider any information set out in subsection 9(d) or an estimated GST amount is not accurate, the corporate card provider/acquirer must not