Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015 (21 of 2015)

Schedule 7   Miscellaneous amendments

Part 1   Amendments commencing on the day after this Act receives the Royal Assent

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

5   Section 93-15

Repeal the section, substitute:

93-15 GST no longer able to be taken into account

You are not entitled to an input tax credit for a *creditable acquisition to the extent that GST on the related supply has not been taken into account in the *assessment of the supplier's *net amount for the tax period to which that GST is attributable if:

(a) the period of review (within the meaning of section 155-35 in Schedule 1 to the Taxation Administration Act 1953) for that assessment has ended; and

(b) when that period of review ended, you did not hold a *tax invoice for the creditable acquisition.