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ARTICLE · 09 OCTOBER 2009

New GST Rules For Financial Institutions And Pension Plans

Blake, Cassels & Graydon LLP
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On September 23, 2009, the Department of Finance released draft legislation and explanatory notes (the 2009 Amendments) aimed at improving and streamlining the application of the Goods and Services Tax (GST) to the financial services sector.

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Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Copyright 2009, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Tax, October 2009

On September 23, 2009, the Department of Finance released draft legislation and explanatory notes (the 2009 Amendments) aimed at improving and streamlining the application of the Goods and Services Tax (GST) to the financial services sector.

The changes to the GST follow upon and refine previous measures that were released on January 26, 2007, some of which (in the case of imported taxable supplies) were first announced in November 2005.

The new GST rules for financial institutions (FIs) involve the self-assessment of GST on certain imported taxable supplies, input tax credit (ITC) allocation methods, annual information returns and changes to the filing date for annual GST returns. A new GST rebate for registered pension plan trusts has also been proposed.

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