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

9   After subsection 72-45(1)

Insert:

(1A) However, if:

(a) an *annual apportionment election that you have made has effect at the end of the tax period to which the input tax credit is attributable; and

(b) the acquisition is not an acquisition of a kind specified in the regulations made for the purposes of paragraph 131-40(1)(b);

the amount of the input tax credit on the acquisition is worked out under section 131-40 as if you had provided, or had been liable to provide, all of the *consideration for the acquisition.