A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)
Schedule 3 Income Tax Assessment Act 1997
Part 1 General
38 After subsection 110-45(3)
Input tax credits
(3A) The first, second and third elements of the cost base are reduced as follows:
(a) for the first element - by the amount of your *input tax credit (if any) for *acquisition or *importation of the *CGT asset in question;
(b) for the second element - by the amount of your *input tax credit (if any) for your *incidental costs referred to in subsection 110-25(3);
(c) for the third element - by the amount of your *input tax credit (if any) for your non-capital costs referred to in subsection 110-25(4).
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