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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 70.5

Acquisitions that attract the reduced credit

             (1)  The regulations may provide that acquisitions of a specified kind that relate to making * financial supplies can give rise to an entitlement to a reduced input tax credit. These are reduced credit acquisitions .

          (1A)  However, an acquisition is not a reduced credit acquisition to the extent (if any) that, without this Division applying, an entity is entitled to an input tax credit for the acquisition.

Note:          Acquisitions relating to financial supplies can give rise to input tax credits: see subsections 11-15(4) and (5).

             (2)  For each kind of * reduced credit acquisition specified, the regulations must specify a percentage to which the input tax credit is reduced.



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