A New Tax System (Goods and Services Tax) Act 1999
The input tax credit to which you are entitled for a * creditable acquisition is attributable to:
(a) the tax period in which you provide any of the * consideration for the acquisition; or
(b) if, before you provide any of the consideration, an * invoice is issued relating to the acquisition - the tax period in which the invoice is issued. (2)
However, if you * account on a cash basis , then:
(a) if, in a tax period, you provide all of the * consideration for a * creditable acquisition - the input tax credit for the acquisition is attributable to that tax period; or
(b) if, in a tax period, you provide part of the consideration - the input tax credit for the acquisition is attributable to that tax period, but only to the extent that you provided the consideration in that tax period; or
(c) if, in a tax period, none of the consideration is provided - none of the input tax credit for the acquisition is attributable to that tax period. (3)
If you do not hold a * tax invoice for a * creditable acquisition when you give to the Commissioner a * GST return for the tax period to which the input tax credit (or any part of the input tax credit) on the acquisition would otherwise be attributable:
(a) the input tax credit (including any part of the input tax credit) is not attributable to that tax period; and
(b) the input tax credit (or part) is attributable to the first tax period for which you give to the Commissioner a GST return at a time when you hold that tax invoice.
However, this subsection does not apply in circumstances of a kind determined in writing by the Commissioner to be circumstances in which the requirement for a tax invoice does not apply.
For the giving of GST returns to the Commissioner, see Division 31 .(4)
If the * GST return for a tax period does not take into account an input tax credit attributable to that tax period:
(a) the input tax credit is not attributable to that tax period; and
(b) the input tax credit is attributable to the first tax period for which you give the Commissioner a GST return that does take it into account.
S 29-10(4) amended by No 39 of 2012, s 3 and Sch 1 items 40 and 41, by omitting " states a *net amount that " after " for a tax period " and inserting " or 93-15 " after " Section 93-5 " in the note, applicable in relation to payments and refunds that relate to tax periods, and fuel tax return periods, starting on or after 1 July 2012; and also in relation to payments and refunds that: (a) do not relate to any tax periods or fuel tax return periods; and (b) relate to liabilities or entitlements that arose on or after 1 July 2012.
S 29-10(4) amended by No 21 of 2010, s 3 and Sch 2 items 1 and 2, by substituting " a tax period " for " the tax period referred to in paragraph (3)(b) " and inserting the note at the end, applicable in relation to net amounts for tax periods starting on or after 1 July 2010.
S 29-10(4) inserted by No 156 of 2000, s 3 and Sch 6 item 2, applicable in relation to net amounts for tax periods starting on or after 1 July 2000.
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