A New Tax System (Goods and Services Tax) Act 1999
Note:Division 70 - Financial supplies (reduced credit acquisitions) 70-5 Acquisitions that attract the reduced credit (1)
The regulations may provide that acquisitions of a specified kind that relate to making * financial supplies can give rise to an entitlement to a reduced input tax credit. These are reduced credit acquisitions . (1A)
However, an acquisition is not a reduced credit acquisition to the extent (if any) that, without this Division applying, an entity is entitled to an input tax credit for the acquisition.
For each kind of * reduced credit acquisition specified, the regulations must specify a percentage to which the input tax credit is reduced.
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