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

Chapter 2 - The basic rules  

Part 2-6 - Tax periods  

Division 29 - What is attributable to tax periods  

Subdivision 29-A - The attribution rules  

29-15   Attributing the input tax credits for your creditable importations  

(1)    

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The input tax credit to which you are entitled for a * creditable importation is attributable to the tax period in which you pay the * assessed GST on the importation.

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History

S 29-15(1) amended by No 39 of 2012, s 3 and Sch 1 item 42, by substituting " *assessed GST " for " GST " , applicable in relation to payments and refunds that relate to tax periods, and fuel tax return periods, starting on or after 1 July 2012; and also in relation to payments and refunds that: (a) do not relate to any tax periods or fuel tax return periods; and (b) relate to liabilities or entitlements that arose on or after 1 July 2012.

(2)    

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However, if paragraph 33-15(1)(b) applies to payment of the * assessed GST on the importation, the input tax credit is attributable to the tax period in which the liability for the GST arose.

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History

S 29-15(2) amended by No 39 of 2012, s 3 and Sch 1 item 43, by substituting " *assessed GST " for " GST " (first occurring), applicable in relation to payments and refunds that relate to tax periods, and fuel tax return periods, starting on or after 1 July 2012; and also in relation to payments and refunds that: (a) do not relate to any tax periods or fuel tax return periods; and (b) relate to liabilities or entitlements that arose on or after 1 July 2012.

S 29-15(2) amended by No 41 of 2005, s 3 and Sch 10, item 1, by substituting " 33-15(1)(b) " for " 33-15(b) " , applicable in relation to net amounts for tax periods starting, or that started, on or after 1 July 2000.

S 29-15(2) inserted by No 176 of 1999, s 3 and Sch 1 item 36, effective 1 July 2000.

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