A New Tax System (Goods and Services Tax) Act 1999
Note:Division 132 - Supplies of things acquired etc. without full input tax credits
You have a decreasing adjustment under this Division if:
(a) you make a * taxable supply of a thing (or a supply of a thing that would have been a taxable supply had it not been * GST-free under Subdivision 38-J ); and
(b) the supply is a supply by way of sale; and
(c) your acquisition, importation or subsequent * application of the thing, related solely or partly to making * financial supplies , or was solely or partly of a private or domestic nature.
The amount of the * decreasing adjustment is as follows:
(a) the amount of any input tax credit that was attributable to a tax period in respect of the acquisition or importation; minus
(b) the sum of:
(i) any *increasing adjustments, under Subdivision 19-C or Division 129 , that were previously attributable to a tax period in respect of the acquisition or importation; and
(ii) any increasing adjustment under Division 131 that has been previously, is or will be attributable to a tax period in respect of the acquisition or importation; plus
(c) the sum of any * decreasing adjustments , under Subdivision 19-C or Division 129 or 133 , that were previously attributable to a tax period in respect of the acquisition or importation.
(a) the acquisition or importation had been solely for a * creditable purpose ; and
(b) in the case where the supply to you was a * taxable supply because of section 72-5 or 84-5 - the supply had been or is a * taxable supply under section 9-5 .
However, if the amount worked out under subsection (2) is greater than the difference between the full input tax credit and the adjusted input tax credit, the amount of the * decreasing adjustment is an amount equal to that difference. (4)
In working out the adjusted input tax credit, the acquisition, importation or * application in question is treated as having been for a * creditable purpose except to the extent that the acquisition, importation or application:
(a) relates to the making of * financial supplies ; or
(b) is of a private or domestic nature.
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