Indirect Tax Legislation Amendment Act 2000 (92 of 2000)

Schedule 5   Financial supplies

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

5   After subsection 70-5(1)


(1A) However, an acquisition is not a reduced credit acquisition if, without this Division applying, an entity is entitled to an input tax credit for the acquisition.

Note: Acquisitions relating to financial supplies can give rise to input tax credits: see subsections 11-15(4) and (5).