A New Tax System (Goods and Services Tax) Act 1999

Chapter 4 - The special rules  

Part 4-2 - Special rules mainly about supplies and acquisitions  

Note:

The special rules in this Part mainly modify the operation of Part 2-2 , but they may affect other Parts of Chapter 2 in minor ways.

Division 70 - Financial supplies (reduced credit acquisitions)  

70-15   How much are the reduced input tax credits?  

(1)  
The amount of an input tax credit for a * creditable acquisition of a * reduced credit acquisition is an amount equal to the GST payable on the supply of the acquisition multiplied by the percentage specified under subsection 70-5(2) for acquisitions of that kind.

(2)  
However, the amount of such an input tax credit is further reduced if the acquisition is only * partly creditable .

(3)  
This section has effect despite section 11-25 (which is about the amount of input tax credits).


 

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