Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025 (72 of 2025)

Schedule 4   Minor and technical amendments

Part 2   Amendments commencing first day of next quarter

Division 3   Attribution rules

A New Tax System (Goods and Services Tax) Act 1999

44   Before subsection 93-10(4)

Insert:

Commissioner determines particular attribution rules

(1) If the Commissioner determines, under subsection 29-25(1), the tax period to which an input tax credit for a *creditable acquisition you make is attributable:

(a) you do not cease to be entitled to the input tax credit under section 93-5; and

(b) you cease to be entitled to the input tax credit to the extent that the input tax credit has not been taken into account, in an *assessment of a *net amount of yours, during the period of 4 years after the day on which you were required to give to the Commissioner a *GST return for the tax period to which the input tax credit is attributable under the determination.

Note: Subsections (4) and (5) set out circumstances in which your entitlement to the input tax credit does not cease under paragraph (b) of this subsection.

(2) Paragraph (1)(b) has effect despite section 11-20 (which is about entitlement to input tax credits).