The Assistant Treasurer has released draft legislation for the implementation of three amendments to the GST financial supply provisions with effect from 1 July 2012. The changes are: increasing the financial acquisitions threshold input tax credit test 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 arrangements; and excluding bank deposit accounts from the current special rules for borrowings. Australian ADIs who make financial supplies consisting of a borrowing through the provision of deposit accounts will not be able to claim input tax credits for acquisitions that relate to the financial supply consisting of a borrowing, even where the borrowing relates to making supplies that are not input taxed. Draft regulations to implement the remaining measures will be released for consultation at a later stage.
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