A New Tax System (Goods and Services Tax) Act 1999
Note:Division 84 - Offshore supplies
The amount of the input tax credit for a * creditable acquisition that relates to a supply that is a * taxable supply because of section 84-5 is as follows:
|Full input tax
(a) if the *recipient is the supplier ' s *associate and the supply is without *consideration - 100%; or
(b) in any other case - the extent to which you provide, or are liable to provide, the consideration for the acquisition, expressed as a percentage of the total consideration for the acquisition.
(a) the supply had been or is a * taxable supply otherwise than because of section 84-5 ; and
(b) the acquisition had been made solely for a creditable purpose; and
(c) you had provided, or had been liable to provide, all of the consideration for the acquisition.
(a) an * annual apportionment election that you have made has effect at the end of the tax period to which the input tax credit is attributable; and
(b) the acquisition is not an acquisition of a kind specified in the regulations made for the purposes of paragraph 131-40(1)(b) ;
the amount of the input tax credit on the acquisition is worked out under section 131-40 as if full input tax credit had the same meaning in subsection 131-40(2) as it has in subsection (1) of this section.
This section has effect despite:
(a) sections 11-25 and 11-30 (which are about the amount of input tax credits for creditable acquisitions); and
(b) section 72-45 (which is about the amount of input tax credits on an acquisition from an associate without consideration).