Tax Laws Amendment (2004 Measures No. 2) Act 2004 (83 of 2004)

Schedule 7   Compulsory third party insurance

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

3   Subsection 79-15(4)

Repeal the subsection, substitute:

(4) The *operator may, in writing, elect that, from the start of a specified *financial year, any *decreasing adjustment in relation to all payments or supplies:

(a) that are made during the financial year; and

(b) to which paragraphs (1)(a), (b), (c) and (d) apply;

are to be worked out using the applicable *average input tax credit fraction.