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 70.25

Sale of reduced credit acquisitions (Division 132)

             (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.

   



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback