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

Schedule 3   Fringe benefits

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

25   At the end of subsection 111-5(3)

Add:

; and (c) is not a creditable acquisition if you would, because of Division 71, not have been entitled to an input tax credit if you had made the acquisition that the employee, associate, agent, officer or partner made.