A New Tax System (Goods and Services Tax) Act 1999
Chapter 2
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The basic rules
Part 2-6
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Tax periods
Division 29
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What is attributable to tax periods
Subdivision 29-A
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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 (if any) for which you give to the Commissioner a GST return at a time when you hold that tax invoice.
Input tax credits not taken into account in assessments
(4)
Subsections (5) and (6) apply to the input tax credit to which you are entitled for a * creditable acquisition to the extent that: (a) the input tax credit would otherwise be attributable to a particular tax period; and (b) the input tax credit has not been taken into account in an * assessment of a * net amount of yours for that tax period.
(5)
To the extent this subsection applies to the input tax credit, you may, by notifying the Commissioner in the * approved form , elect for: (a) the input tax credit not to be attributable to that tax period; and (b) the input tax credit to be attributable to a later specified tax period.
(6)
You cannot revoke or amend an election you make under subsection (5) .
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 (if any) 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 .
View history note
Hide history noteInput tax credits not taken into account in assessments
(4)
Subsections (5) and (6) apply to the input tax credit to which you are entitled for a * creditable acquisition to the extent that: (a) the input tax credit would otherwise be attributable to a particular tax period; and (b) the input tax credit has not been taken into account in an * assessment of a * net amount of yours for that tax period.
Note:
The input tax credit would not otherwise be attributable to a particular tax period if you do not hold a tax invoice for the creditable acquisition when you give to the Commissioner a GST return for the tax period: see paragraph (3)(a) .
(5)
To the extent this subsection applies to the input tax credit, you may, by notifying the Commissioner in the * approved form , elect for: (a) the input tax credit not to be attributable to that tax period; and (b) the input tax credit to be attributable to a later specified tax period.
Note:
Division 93 may provide a time limit on your entitlement to an input tax credit.
(6)
You cannot revoke or amend an election you make under subsection (5) .
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