Taxation Laws Amendment Act (No. 8) 2000 (156 of 2000)

Schedule 3   Fringe benefits

A New Tax System (Goods and Services Tax) Act 1999

14   Subsections 71-5(1) and (2)

Repeal the subsections, substitute:

(1) An acquisition that solely or partly relates to making supplies that are*input taxed is not a*creditable acquisition if:

(a) the acquisition would (but for this section) be an acquisition of a kind referred to in paragraph 149A(2)(b) of theFringe Benefits Tax Assessment Act 1986; and

(b) the acquisition specifically relates to the provision of a particular benefit (within the meaning of that Act) in respect of which*fringe benefits tax is or will be payable.

(2) However, this section does not apply to an acquisition if:

(a) the only reason it relates to making supplies that are*input taxed is because it relates to making*financial supplies; and

(b) you do not*exceed the financial acquisitions threshold.