A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)

Schedule 1   Indirect Tax Acts

Part 1   Amendment of the A New Tax System (Goods and Services Tax) Act 1999

115   Subsection 135-5(2)

Repeal the subsection, substitute:

(2) The amount of the increasing adjustment is as follows:

(1 /10) * Supply price * Proportion of non-creditable use


proportion of non-creditable use is the proportion of all the supplies made through the *enterprise that you intend will be supplies that are neither *taxable supplies nor *GST-free supplies, expressed as a percentage worked out on the basis of the *prices of those supplies.

supply price means the *price of the supply in relation to which the increasing adjustment arises.

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