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

Chapter 4 - The special rules  

Part 4-4 - Special rules mainly about net amounts and adjustments  

Note:

The special rules in this Part mainly modify the operation of Part 2-4 , but they may affect other Parts of Chapter 2 in minor ways.

Division 131 - Annual apportionment of creditable purpose  

Subdivision 131-B - Consequences of electing to have annual apportionment  

131-50   Amounts of input tax credits for creditable acquisitions or creditable importations of certain cars  

(1)  
If:


(a) this Division applies to working out the amount of a *creditable acquisition or *creditable importation that you made; and


(b) the acquisition or importation is an acquisition or importation of a *car;

the amount of the input tax credit on the acquisition or importation under this Division must not exceed the amount (if any) of the input tax credit worked out under section 69-10 .

(2)  
However, if subsection 131-40(2) or 131-45(2) applies to the acquisition or importation:


(a) take into account the operation of section 69-10 in working out the full input tax credit for the purposes of that subsection; but


(b) disregard subsection 69-10(3) .




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