A New Tax System (Goods and Services Tax) Act 1999
Note:Division 129 - Changes in the extent of creditable purpose Subdivision 129-A - General 129-5 Adjustments arising under this Division (1)
An * adjustment can arise under this Division for:
(a) an acquisition, even if it is not a * creditable acquisition ; or
(b) an importation, even if it is not a * creditable importation ;
in respect of any * adjustment period for the acquisition or importation.(2)
However, in determining:
(a) whether an adjustment under this Division arises; or
(b) the amount of such an * adjustment ;
disregard any change in the extent to which the thing acquired or imported is * applied in making * financial supplies , unless you * exceed the financial acquisitions threshold .
S 129-5(2) amended by No 92 of 2000, s 3 and Sch 5 item 6, by substituting ``you *exceed the financial acquisitions threshold.'' for ``your *annual turnover of financial supplies exceeds either:'' and paras (c) and (d), effective 1 July 2000. Paras (c) and (d) formerly read:
(c) $50,000 or such other amount specified in the regulations; or
(d) 5% of your *annual turnover (treating supplies that are input taxed as part of your annual turnover).
S 129-5(2) amended by No 176 of 1999, s 3 and Sch 1 item 112, by substituting ``exceeds'' for ``does not exceed'', effective 1 July 2000.
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