Commonwealth Numbered Regulations

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) REGULATIONS 2019 (F2019L00417) - REG 40.5.10

                   If something is supplied by an entity to a recipient directly in connection with a financial supply to the recipient by the entity, the thing is an incidental financial supply if:

                     (a)  it is incidental to the financial supply; and

                     (b)  it and the financial supply are supplied, at or about the same time, but not for separate consideration; and

                     (c)  it is the usual practice of the entity to supply the thing, or similar things, and the financial supply together in the ordinary course of the entity's enterprise.

Note:          Section 40-5.12 does not apply in relation to incidental financial supplies. As a result, if something is both an incidental financial supply and within the scope of an item in the table in section 40-5.12, it will still be a financial supply.

Example:    Advice, for which a separate charge is not made, in relation to a housing loan.