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

Chapter 2 - The basic rules  

Part 2-6 - Tax periods  

Division 29 - What is attributable to tax periods  

Subdivision 29-A - The attribution rules  

29-10   Attributing the input tax credits for your creditable acquisitions  

(1)    
The input tax credit to which you are entitled for a * creditable acquisition is attributable to:

(a) the tax period in which you provide any of the * consideration for the acquisition; or

(b) if, before you provide any of the consideration, an * invoice is issued relating to the acquisition - the tax period in which the invoice is issued.

(2)    
However, if you * account on a cash basis , then:

(a) if, in a tax period, you provide all of the * consideration for a * creditable acquisition - the input tax credit for the acquisition is attributable to that tax period; or

(b) if, in a tax period, you provide part of the consideration - the input tax credit for the acquisition is attributable to that tax period, but only to the extent that you provided the consideration in that tax period; or

(c) if, in a tax period, none of the consideration is provided - none of the input tax credit for the acquisition is attributable to that tax period.

(3)    
If you do not hold a * tax invoice for a * creditable acquisition when you give to the Commissioner a * GST return for the tax period to which the input tax credit (or any part of the input tax credit) on the acquisition would otherwise be attributable:

(a) the input tax credit (including any part of the input tax credit) is not attributable to that tax period; and

(b) the input tax credit (or part) is attributable to the first tax period for which you give to the Commissioner a GST return at a time when you hold that tax invoice.

However, this subsection does not apply in circumstances of a kind determined in writing by the Commissioner to be circumstances in which the requirement for a tax invoice does not apply.

For the giving of GST returns to the Commissioner, see Division 31 .

(4)    

If the * GST return for a tax period does not take into account an input tax credit attributable to that tax period:

(a) the input tax credit is not attributable to that tax period; and

(b) the input tax credit is attributable to the first tax period for which you give the Commissioner a GST return that does take it into account.

Note:

Section 93-5 or 93-15 may provide a time limit on your entitlement to an input tax credit.