A New Tax System (Goods and Services Tax) Act 1999
You have an adjustment for an acquisition for which you are entitled to an input tax credit (or would be entitled to an input tax credit if the acquisition were a * creditable acquisition ) if:
(a) in relation to the acquisition, one or more * adjustment events occur during a tax period; and
(b) an input tax credit on the acquisition was attributable to an earlier tax period (or, if the acquisition was not a creditable acquisition, would have been attributable to an earlier tax period had the acquisition been a creditable acquisition); and
(c) as a result of those adjustment events, the * previously attributed input tax credit amount for the acquisition (if any) no longer correctly reflects the amount of the input tax credit (if any) on the acquisition (the corrected input tax credit amount ).
In working out the * corrected input tax credit amount for the acquisition:
(a) take into account any change of circumstances that has given rise to an adjustment for the acquisition under this Subdivision or Division 21 , 129 , 133 or 134 ; and
(b) if an adjustment relating to the acquisition under Division 131 was attributable to an earlier tax period:
(i) do not take into account that adjustment; and
(ii) treat the acquisition as one in relation to which Division 131 had not applied.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.