A New Tax System (Goods and Services Tax) Act 1999
Note:
The special rules in this Part mainly modify the operation of Part 2-2 , but they may affect other Parts of Chapter 2 in minor ways.
Division 70 - Financial supplies (reduced credit acquisitions) 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:
Extent of Division 70
creditable purpose |
× | Percentage credit
reduction |
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
.
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