Supplies exempt from GST

Key requirements

Examples include qualifying financial services, residential property sale or lease, investment precious metals and specified digital-payment-token transactions from 1 January 2020. Related arranging, broking and advisory fees are not automatically exempt: an agent’s commission can be taxable even when the underlying life policy or residential property is exempt. Movable furniture supplied with a home is separately taxable, unlike qualifying permanent fixtures. Investment gold requires at least 99.5% purity, silver 99.9% and platinum 99%, plus market-tradability, quality-mark and non-decorative conditions; jewellery does not qualify merely because it contains precious metal. Bank interest and the absolute net realised foreign-exchange result are reportable exempt supplies. Input tax attributable to exempt activity requires the partial-exemption rules, rather than automatic recovery.