A New Tax System (Goods and Services Tax) Amendment Regulation 2012 (No. 1) (87 of 2012)

Schedule 1   Amendments

[9]   Regulation 70-5.03

substitute

70-5.03 Percentage to which input tax credits are reduced (Act s 70-5)

For subsection 70-5 (2) of the Act, the percentage to which the input tax credit is reduced is as follows:

(a)for a reduced credit acquisition covered by item 32 of the table in subregulation 70-5.02 (2) - 55%;

(b)for a reduced credit acquisition covered by item 32 and one or more other items of the table in subregulation 70-5.02 (2):

(i)to the extent that the acquisition is covered by item 32 - 55%; and

(ii)to the extent that the acquisition is not covered by item 32 - 75%;

(c)for all other kinds of reduced credit acquisitions - 75%.