A New Tax System (Goods and Services Tax) Act 1999
Chapter 4
-
The special rules
Part 4-2
-
Special rules mainly about supplies and acquisitions
The amount of an input tax credit for a * creditable acquisition of a * reduced credit acquisition is an amount equal to the GST payable on the supply of the acquisition multiplied by the percentage specified under subsection 70-5(2) for acquisitions of that kind.
(2)
However, the amount of such an input tax credit is further reduced if the acquisition is only * partly creditable .
(3)
This section has effect despite section 11-25 (which is about the amount of input tax credits).
Note:
The special rules in this Part mainly modify the operation of Part 2-2 , but they may affect other Parts of Chapter 2 in minor ways.
Division 70 - Financial supplies (reduced credit acquisitions) 70-15 How much are the reduced input tax credits? (1)The amount of an input tax credit for a * creditable acquisition of a * reduced credit acquisition is an amount equal to the GST payable on the supply of the acquisition multiplied by the percentage specified under subsection 70-5(2) for acquisitions of that kind.
(2)
However, the amount of such an input tax credit is further reduced if the acquisition is only * partly creditable .
(3)
This section has effect despite section 11-25 (which is about the amount of input tax credits).
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.