On 27 September 2018, the Government released the Goods and Services Tax: Waiver of Adjustment Note Requirement (Corporate Card Statements) Determination 2018 (Determination). The Determination repeals and replaces the Goods and Services Tax: Waiver of Adjustment Note Requirement (Corporate Card Statements) Legislative Instrument (No. 1) 2008, and allows corporate card holders to claim a decreasing adjustment without holding an adjustment note in certain circumstances.

Requirement for relief from holding an adjustment note

At the time the cardholder gives its GST return/Business Activity Statement for the tax period to the Commissioner, the cardholder must:

  • hold a corporate card statement that records a transaction which includes the decreasing adjustment and certain information to enable details of the cardholder to be ascertained; and
  • have in place an effectively regulated corporate policy for determining the amount of decreasing adjustments relating to acquisitions made on the corporate card.