Draft regulation: Reduced input tax credits for credit unions

Treasury has released an exposure draft regulation to amend the GST law to ensure that credit unions do not lose access to a reduced input tax credit for credit union services when they rebrand as banks.

The draft regulation proposes to expand the definition of ‘credit union’ to also include APRA-listed banks that were APRA-listed credit unions as at 1 July 2011 and retains mutuality.

Print Friendly, PDF & Email

Your Compliance Support Plan

We understand you need a cost-effective way to keep up to date with regulatory changes. Talk to us about our fixed price plans.