A New Tax System (Goods and Services Tax) Act 1999
Chapter 2
-
The basic rules
Part 2-2
-
Supplies and acquisitions
Division 11
-
Creditable acquisitions
11-25
How much are the input tax credits for creditable acquisitions?
The amount of the input tax credit for a * creditable acquisition is an amount equal to the GST payable on the supply of the thing acquired. However, the amount of the input tax credit is reduced if the acquisition is only * partly creditable .(a) this Act (for a list of provisions, see section
9-99
); and
(b) other GST laws (for example, see subsection
357-60(3)
in Schedule
1
to the
Taxation Administration Act 1953
(about the effect of rulings made under Part
5-5
in that Schedule)).
The amount of the input tax credit for a * creditable acquisition is an amount equal to the GST payable on the supply of the thing acquired. However, the amount of the input tax credit is reduced if the acquisition is only * partly creditable .
Note:
The basic rule for working out the GST payable on the supply is in Subdivision 9-C . However, the GST payable may be affected by other provisions in:
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