Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 70.25

  (1)   If:

  (a)   you supply a * reduced credit acquisition in circumstances to which Division   132 applies; and

  (b)   you made the acquisition for a * creditable purpose because of this Division, or you applied the acquisition for a * creditable purpose because of this Division;

this section applies for the purposes of Division   132.

  (2)   In working out the full input tax credit in subsection   132 - 5(2), the reference to a * creditable purpose in paragraph   (a) of the definition of full input tax credit is to be read as a reference to a * creditable purpose otherwise than because of Division   70.

  (3)   In working out the adjusted input tax credit in subsection   132 - 5(2), the extent of the * creditable purpose because of subsection   132 - 5(4) is increased by the following extent:

where:

"extent of Division 70 creditable purpose" has the same meaning as in section   70 - 20.

"percentage credit reduction" has the same meaning as in section   70 - 20.