Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 129.75

The amount of a decreasing adjustment

                   The amount of a * decreasing adjustment that you have under Step 4 of the Method statement in section 129-40 for the thing acquired or imported is worked out as follows:

where:

"full input tax credit" is the amount of the input tax credit to which you would have been entitled for acquiring or importing the thing for the purpose of your * enterprise if:

                     (a)  the acquisition or importation had been solely for a * creditable purpose; and

                     (b)  in the case where the supply to you was a * taxable supply because of section 72-5 or 84-5--the supply had been or is a * taxable supply under section 9-5.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback