Document ID: chunk:federal_register_of_legislation:F2020L00044:body:0:p4
Version: federal_register_of_legislation:F2020L00044
Segment Type: other
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Character Range: 9323–11138

11.              Accuracy requirements for corporate card statements

    Where the corporate card provider/acquirer has reason to consider any information set out in paragraph 8(d) or an estimated GST amount is not accurate, the corporate card provider/acquirer must not include that information on the corporate card statement.

    12.              Cardholder requirements

    The cardholder must have in place:

             (a)               an effectively regulated corporate policy (that includes the retention of documentary evidence) for determining the amount of decreasing adjustments relating to acquisitions made on the corporate card that are wholly or partly of a private or domestic nature, and

             (b)               an effectively regulated corporate policy that ensures the adjustment note and the corporate card statement are not incorrectly used to claim decreasing adjustments more than once for an adjustment event.

    13.              Reimbursement of employees etc

    If the cardholder has a decreasing adjustment in relation to a reimbursement that section 111‑5 of the GST Act applies:

             (a)               the cardholder is taken to meet paragraph 7(1)(a) if they hold a corporate card statement that includes the details at section 8 for the expense for which reimbursement is paid to which the adjustment relates

             (b)               a reference to the creditable acquisition to which the adjustment relates in paragraph 8(c) is taken to be a reference to the expense for which the reimbursement is paid to which the adjustment relates, and

             (c)                any reference to a decreasing adjustment in section 8 is taken to be a reference to a decreasing adjustment to the expense for which the reimbursement is paid.

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