Document ID: chunk:federal_register_of_legislation:F2020L00044:body:0:p2
Version: federal_register_of_legislation:F2020L00044
Segment Type: other
Provision Reference: 
Character Range: 3188–6645

in the GST Act.

    6.                  Relief from requirement to hold an adjustment note

    For the purposes of attributing a decreasing adjustment (arising from an adjustment event in respect of an acquisition) to a tax period, a cardholder is not required (under subsection 29‑20(3) of the GST Act) to hold an adjustment note for the decreasing adjustment if all the requirements in section 7 of this determination are satisfied.

    7.                  Requirements for relief from holding an adjustment note

    (1) At the time the cardholder gives its GST return/Business Activity Statement for the tax period to the Commissioner:

             (a)               the cardholder must hold a corporate card statement that records a transaction which includes the decreasing adjustment and meets the corporate card statement information requirements set out in section 8

             (b)               the cardholder must meet all the requirements of section 12, and

             (c)                the decreasing adjustment on the corporate card statement must not have an 'estimated GST amount' that was calculated under subsection 10(b).

    (2) For a corporate card statement the corporate card provider/acquirer must:

             (a)               meet the accuracy requirements set out in section 11

             (b)               have in place an accurate method of obtaining or calculating the transaction information specified in paragraph 8(d), and

             (c)                can choose to use the signed statement method in accordance with section 9 to satisfy paragraph (2)(b) in relation to the decreasing adjustment.

    8.                  Corporate card statement information requirements

    The corporate card statement must contain enough information to enable the following to be ascertained by the cardholder:

             (a)               the date of issue of the corporate card statement

             (b)               the identity or ABN of the cardholder

             (c)                the name(s) of the person(s) or department(s) that used the corporate card to purchase the creditable acquisition to which the adjustment relates, or in the case of fuel cards, the vehicle identifier

             (d)               for the particular transactions containing the decreasing adjustment:

                  (i)                  the date the adjustment event occurred

                  (ii)                the identity of the supplier, or driver ID for a supply of taxi travel

                  (iii)              the ABN of the supplier

                  (iv)              the Branch Registration Number of the supplier (where applicable)

                  (v)                a brief explanation of the reason for the adjustment or, if that is not available, a description or recognised code identifying the supplier's industry

                  (vi)              the amount of the adjustment to the GST payable, or a statement to the effect that the difference in the price of the taxable supply includes GST, and

                  (vii)            the difference in the price of the supply before and after the adjustment event.

    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 10 to calculate the decreasing adjustment, provided