Taxation Laws Amendment Act (No. 8) 2000 (156 of 2000)

Schedule 3   Fringe benefits

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

23   Paragraph 111-5(3)(a)

Repeal the paragraph, substitute:

(a) is not a*creditable acquisition to the extent (if any) that:

(i) the employee,*associate, agent,*officer or partner is entitled to an input tax credit for acquiring the thing acquired in incurring the expense; or

(ii) the acquisition would not, because of Division 69, be a creditable acquisition if you made it; and