A New Tax System (Goods and Services Tax) Act 1999
Note:Division 129 - Changes in the extent of creditable purpose Subdivision 129-C - When adjustments for acquisitions and importations arise 129-40 Working out whether you have an adjustment (1)
This is how to work out whether you have an * increasing adjustment or a * decreasing adjustment under this Division, for an * adjustment period , for an acquisition or importation: Method statement
Work out the extent (if any) to which you have * applied the thing acquired or imported for a * creditable purpose during the period of time:
This is the actual application of the thing .
This is the intended or former application of the thing .
If the * actual application of the thing is less than its * intended or former application , you have an increasing adjustment , for the * adjustment period , for the acquisition or importation.
If the * actual application of the thing is greater than its * intended or former application , you have a decreasing adjustment , for the * adjustment period , for the acquisition or importation.
If the * actual application of the thing is the same as its * intended or former application , you have neither an increasing adjustment nor a decreasing adjustment, for the * adjustment period , for the acquisition or importation.
* Actual applications and * intended or former applications are to be expressed as percentages. (3)
If the thing is acquired through a * reduced credit acquisition and, at the time of the acquisition, it was wholly for a * creditable purpose because of Division 70 , the extent to which it was acquired for a creditable purpose is the reduced input tax credit percentage prescribed for the purposes of subsection 70-5(2) for an acquisition of that kind.
S 129-40(3) inserted by No 177 of 1999, s 3 and Sch 1 item 103, effective 1 July 2000.
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