Indirect Tax Legislation Amendment Act 2000 (92 of 2000)
Schedule 11 Other amendments
A New Tax System (Goods and Services Tax Transition) Act 1999
16C After subsection 20(4)
(4A) Paragraph (4)(c) does not apply to a dealing in respect of the acquisition or importation if the acquisition or importation is made with the intention of granting an eligible short-term lease in respect of the motor vehicle, trailer or body.
(4B) Neither subsection (2) nor subsection (3) applies if you make the acquisition or importation before 1 July 2002 with the intention of granting an eligible short-term lease. However, the amount of any input tax credit you are entitled to on the acquisition or importation is reduced by an amount equal to:
Original input tax credit * (100% - Exempt percentage)
exempt percentage is the exempt percentage specified in the agreement under subsection 15A(2) of the Sales Tax Assessment Act 1992 that applies to the eligible short-term lease in question.
original input tax credit is:
(a) if you make the acquisition or importation before 1 July 2001 - the amount that would (but for this section) be the amount of the input tax credit on the acquisition or importation; or
(b) if you make the acquisition or importation on or after 1 July 2001 but before 1 July 2002 - half that amount.
(4C) Agreements may be made under subsection 15A(2) of the Sales Tax Assessment Act 1992, on or after 1 July 2000 but before 1 July 2002, as if:
(a) sales tax had not been ended by the A New Tax System (End of Sales Tax) Act 1999 and by section 8 of this Act; and
(b) the reference in subsection 15A(2) of the Sales Tax Assessment Act 1992 to a use of goods to satisfy one or more exemption Items were a reference to a use of goods that would have satisfied one or more exemption Items.
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