Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 72.45

  (1)   The amount of the input tax credit on an acquisition from your * associate that is without * consideration is as follows:

where:

"extent of creditable purpose" is the extent to which the creditable acquisition is for a * creditable purpose, expressed as a percentage of the total purpose of the acquisition.

"full input tax credit" is what would have been the amount of the input tax credit for the acquisition if it had been made solely for a creditable purpose and you had provided, or had been liable to provide, all of the consideration for the acquisition.

  (1A)   However, if:

  (a)   an * annual apportionment election that you have made has effect at the end of the tax period to which the input tax credit is attributable; and

  (b)   the acquisition is not an acquisition of a kind specified in the regulations made for the purposes of paragraph   131 - 40(1)(b);

the amount of the input tax credit on the acquisition is worked out under section   131 - 40 as if you had provided, or had been liable to provide, all of the * consideration for the acquisition.

  (2)   This section has effect despite subsection   11 - 30(3) (which is about the amount of input tax credits on partly creditable acquisitions).