A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)

Schedule 3   Income Tax Assessment Act 1997

Part 1   General

17   At the end of section 30-15


(3) For the purposes of items 4, 5 and 6 of the table in subsection (2), the *GST inclusive market values of the property or place in question are reduced by 1/11 if you would have been entitled to an *input tax credit if:

(a) you had *acquired the property or place at the time you made the gift; and

(b) your acquisition had been for a *creditable purpose.