Changes to GST financial supply provisions

From 1 July 2012 changes to the financial supply provisions of the GST law will come into effect, which clarify the legislation and reduce compliance and administrative costs.

The measures include:

  • increasing the first part of the financial acquisitions threshold from $50,000 to $150,000
  • allowing small businesses, that account on a cash basis, to access full input tax credits upfront when they enter into hire purchase agreements
  • excluding bank deposit accounts from the current special rules for borrowings.

 

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