Financial Services Webinar: GST Update
Grant Thornton's GST specialists, Andrew Barrah and Gemma Higgins, will discuss key GST changes that Financial Services organisations need to be aware of, including:
- GST Recovery: The ATO are proposing a number of changes to GST rules affecting the approach banks and credit unions can take to claim GST refunds. These proposals if implemented will restrict the recovery of GST and hence increase costs for these businesses.
- GST Governance and Record Keeping: The ATO has now published their guide on GST governance and record keeping that outlines their expectations for Financial Suppliers.
- Reforms to capital raising for Mutuals: Recent legislative changes to the definition of a ‘Mutual’ for Corporate Law purposes may conflict with GST concessions available to those Mutuals, including the ‘safe harbour’ recovery rate.