Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025 (72 of 2025)

Schedule 4   Minor and technical amendments

Part 2   Amendments commencing first day of next quarter

Division 2   Tax credits

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

37   Subsection 29-10(4)

Repeal the subsection (including the note), substitute:

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.

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).