Reply
This thread is now archived and closed to new comments.
If you have a question please post a new topic.
Contributing User
wsn_alex
Posts: 5
Registered: ‎23-10-2011
Australia
0 Kudos
Accepted Solution

Bank Fees vs Merchant Fees

Hi,

 

First of all, I know that Bank Fees are free from GST, and Merchant Fees attract GST. However, my question is, how do I determine if a fee, is indeed a Bank Fee or a Merchant Fee? For example, the bank statement only tells "ATM Operator Fee". How do I know if there is GST in it or not? Can someone clear the confusion for me?

Please use plain text.
Ultimate Partner
Julie_A_C
Posts: 2,611
Registered: ‎07-09-2010
Australia
0 Kudos

Re: Bank Fees vs Merchant Fees

General rule of thumb would be not to claim GST if you have no tax invoice.

 

The ATM operator fee gets advised to you when you are withdrawing money from the ATM, and no tax invoice is issued.  

 

There is o tax invoice issued by the banks for their account transaction fees, establishment fees, honour fees, dishonour fees etc.

 

On the other hand, there is a tax invoice issued for merchant fees.

Julie Carter AIPA, BBus(Acctg),
MYOB Professional Partner, Registered BAS Service Provider
Associate Member of Institute of Public Accountants
ph: 0417 927 654 email: accuratebooks7@gmail.com
Accurate Books Always (Servicing from Leederville to Pinjarra, Fremantle to Armadale WA)
Please use plain text.
Contributing User
wsn_alex
Posts: 5
Registered: ‎23-10-2011
Australia
0 Kudos

Re: Bank Fees vs Merchant Fees

Thank you, Mia. Your reply has been very helpful =)

Please use plain text.