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

Chapter 4 - The special rules  

Part 4-2 - Special rules mainly about supplies and acquisitions  

Note:

The special rules in this Part mainly modify the operation of Part 2-2 , but they may affect other Parts of Chapter 2 in minor ways.

Division 71 - Fringe benefits provided by input taxed suppliers  

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History

Div 71 heading substituted by No 156 of 2000, s 3 and Sch 3 item 11, applicable in relation to net amounts for tax periods ending on or after 12 October 2000. The heading formerly read:

Division 71 - Financial supplies (acquisitions and importations to provide fringe benefits)

Div 71 inserted by No 92 of 2000, s 3 and Sch 5 item 5A, effective 1 July 2000.

71-1   What this Division is about  

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Suppliers making input taxed supplies may not be entitled to input tax credits for acquisitions or importations they make to provide fringe benefits to their employees.

Note:

Under the Fringe Benefits Tax Assessment Act 1986 , a lower rate of fringe benefits tax is payable for providing fringe benefits without entitlement to input tax credits.

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History

S 71-1 amended by No 156 of 2000, s 3 and Sch 3 item 12, by substituting ``Suppliers making input taxed supplies'' for ``Financial suppliers'', applicable in relation to net amounts for tax periods ending on or after 12 October 2000.

S 71-1 inserted by No 92 of 2000, s 3 and Sch 5 item 5A, effective 1 July 2000.

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