A New Tax System (Goods and Services Tax) Act 1999
Note:Division 71 - Fringe benefits provided by input taxed suppliers
Div 71 heading substituted by No 156 of 2000, s 3 and Sch 3 item 11, applicable in relation to net amounts for tax periods ending on or after 12 October 2000. The heading formerly read:
Division 71 - Financial supplies (acquisitions and importations to provide fringe benefits)
Div 71 inserted by No 92 of 2000, s 3 and Sch 5 item 5A, effective 1 July 2000.
Suppliers making input taxed supplies may not be entitled to input tax credits for acquisitions or importations they make to provide fringe benefits to their employees.
Under the Fringe Benefits Tax Assessment Act 1986 , a lower rate of fringe benefits tax is payable for providing fringe benefits without entitlement to input tax credits.
S 71-1 amended by No 156 of 2000, s 3 and Sch 3 item 12, by substituting ``Suppliers making input taxed supplies'' for ``Financial suppliers'', applicable in relation to net amounts for tax periods ending on or after 12 October 2000.
S 71-1 inserted by No 92 of 2000, s 3 and Sch 5 item 5A, effective 1 July 2000.
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