Tax Laws Amendment (Small Business Measures) Act 2004 (134 of 2004)

Schedule 2   Annual apportionment of creditable purpose

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

11   After subsection 78-50(2)

Insert:

(2A) In working out, for the purposes of subparagraph (1)(c)(ii) or subsection (2), whether an entitlement to an input tax credit has been understated, or the extent of the understatement, disregard sections 131-40 and 131-50 (which are about amounts of input tax credits under the annual apportionment rules).