In the 2012-13 Budget, the Government announced that it would 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 but otherwise do not change their corporate structure.
This exposure draft regulation has been released to implement the announced change. 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 have not changed their corporate structure.