Industry News: Around the Industry
IDS Releases New Solution to Support Compliance with Australian GST Hire Purchase Contract Reform
IDS' new Goods and Services Tax (GST) Hire Purchase capabilities are now Generally Available to comply with the recent legislative changes enacted by the Australian government.
International Decision Systems® (IDS), the leading provider of asset finance software, announced today the General Availability of its new Goods and Services Tax (GST) Hire Purchase capabilities to help customers comply with recent legislative changes related to Hire Purchase transactions enacted by the Australian government.
As part of the GST reform legislation, all Hire Purchase transactions written on or after July 1, 2012 are taxable and require a GST to be calculated on repayment interest. The change in legislation allows all registered GST entities to claim Input Tax Credits upfront on any new equipment purchased under a Hire Purchase transaction. To help customers immediately and seamlessly meet these new regulations, IDS launched automated GST on Hire Purchase calculation and tracking solutions within its InfoAnalysis, InfoAnalysis Quoting Engine, InfoLease and Rapport products.
In addition to revising the Hire Purchase agreement pricing calculation to include GST on the credit charges, the new module allows for Australian customers to track the amount of GST on credit charges over the term of an agreement, create journal entries and automatically create a GST adjustment note in cases of early termination.
“These GST capabilities will not only help our customers who offer hire purchase contracts to the market to easily comply with the new legislation, they’re also meant to send the signal that we take the burden of our customers’ meeting compliance issues and their timing very seriously,” said Katie Emmel, Vice President Product Management. “By monitoring the global regulatory environment and reacting with innovative software solutions, we’re able to deliver the best business outcomes for our clients.”
About IDS: IDS is the leading provider of software and solutions for the asset and equipment finance market. IDS’s solutions are used by more than 250 customers in 34 countries to improve lease and loan decisioning, streamline operations and reduce risk. In addition to offering powerful, flexible software, IDS provides the industry experience and expertise to assure successful, complete solutions. Headquartered in Minneapolis, MN, the company also has offices in Australia, Singapore, India and the United Kingdom. For additional information, visit www.idsgrp.com.
International Decision Systems®, Rapport® and InfoLease® are registered trademarks of International Decision Systems, Inc.
|Contact Name:||Tracy Prochaska|
|Organization Name:||International Decision Systems|