A New Tax System (Goods and Services Tax) Act 1999
An importation that you make is partly creditable if it is a * creditable importation that you make only partly for a * creditable purpose . (2)
(Repealed by No 176 of 1999)
S 15-25(2) repealed by No 176 of 1999, s 3 and Sch 1 item 24, effective 1 July 2000. S 15-25(2) formerly read:
However, the importation is not *partly creditable if:
(a) it was made for a *creditable purpose except to the extent (if any) that the importation relates to making *financial supplies; and
(b) your *annual financial supplies turnover does not exceed either:
(i) $50,000 or such other amount specified in the regulations; or
(ii) 5% of your *annual turnover (treating supplies that are input taxed as part of your annual turnover).
The amount of the input tax credit on an importation that you make that is * partly creditable is as follows:
Full input tax credit × Extent of creditable purpose
The Commissioner may determine, in writing, one or more ways in which to work out, for the purpose of subsection (3), the extent to which an importation is for a * creditable purpose .
S 15-25(4) inserted by No 177 of 1999, s 3 and Sch 1 item 8, effective 1 July 2000.
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