Tax Laws Amendment (Retirement Villages) Act 2004 (143 of 2004)

Schedule 1   Tax Laws Amendment (Retirement Villages) Act 2004

Part 2   Application provisions

15   Attributing input tax credits

 

(1) If:

(a) you are entitled to an input tax credit for an acquisition or importation made before the commencement of this item; and

(b) you would not be entitled to the input tax credit if the amendments made by this Schedule had not been made;

to the extent that you would, apart from this item, attribute that input tax credit to a tax period ending before the commencement of this item, you may instead attribute it to the first tax period ending after that commencement.

      

(2) This item does not apply for the purpose of working out adjustment periods for the purposes of Division 129 of the GST Act (which is about adjustments for changes to the extent of creditable purposes).

      

(3) This item has effect despite:

(a) sections 29-10 and 29-15 of the GST Act (which are about attributing input tax credits); and

(b) section 36 of the Taxation Administration Act 1953 (which is about the time limit on entitlement to input tax credits).