Commonwealth Consolidated Acts

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 70.15

How much are the reduced input tax credits?

             (1)  The amount of an input tax credit for a * creditable acquisition of a * reduced credit acquisition is an amount equal to the GST payable on the supply of the acquisition multiplied by the percentage specified under subsection 70-5(2) for acquisitions of that kind.

             (2)  However, the amount of such an input tax credit is further reduced if the acquisition is only * partly creditable.

             (3)  This section has effect despite section 11-25 (which is about the amount of input tax credits).



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