Document ID: chunk:federal_register_of_legislation:F2023C00564:reg:33
Version: federal_register_of_legislation:F2023C00564
Segment Type: reg
Provision Reference: reg 33
Character Range: 66766–68890

33                                                     Monitoring and reporting services (other than taxation and auditing services) that:
                                                       (a) are acquired on or after 1 July 2012; and
                                                       (b) are required for compliance with the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006

Note: These are reduced credit acquisitions: see subsection 70‑5(1) of the Act.
 (2) However, something that is used in making a reduced credit acquisition is not, for that reason, a reduced credit acquisition.
Example 1: Information technology services used for brokerage services.
Example 2: Labour hire services used for life insurance administration services.

70‑5.02A  Acquisitions that attract reduced input tax credits: certain offshore supplies
 (1) For the purposes of subsection 70‑5(1) of the Act, an acquisition mentioned in subsection (3) of this section that relates to making financial supplies can give rise to an entitlement to a reduced input tax credit if:
 (a) the supply or transfer that gives rise to the acquisition (the relevant supply) consists of:
 (i) the transfer of something to an enterprise in the indirect tax zone (a receiving enterprise) from an enterprise outside the indirect tax zone (a supplying enterprise); or
 (ii) the doing of something for a receiving enterprise by a supplying enterprise; and
 (b) the relevant supply is a taxable supply because of section 84‑5 of the Act (including a supply that is not connected to the indirect tax zone because of section 84‑15 of the Act); and
 (c) the receiving enterprise and the supplying enterprise are closely related.
 (2) In determining the reduced credit acquisition, the price of the relevant supply is reduced by the amount passed on by the supplying enterprise to the receiving enterprise for any unabsorbed contribution.
 (3) The acquisitions are set out in the following table.

Reduced credit acquisitions—certain offshore supplies
Item                                                   Acquisition
Senior executive management