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.

71-5   Acquisitions by input taxed suppliers to provide fringe benefits  

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(1)    

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An acquisition that solely or partly relates to making supplies that are * input taxed is not a * creditable acquisition if:

(a) the acquisition would (but for this section) be an acquisition of a kind referred to in paragraph 149A(2)(b) of the Fringe Benefits Tax Assessment Act 1986 ; and

(b) the acquisition specifically relates to the provision of a particular benefit (within the meaning of that Act) in respect of which * fringe benefits tax is or will be payable.

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S 71-5(1) substituted by No 156 of 2000, s 3 and Sch 3 item 14, applicable in relation to net amounts for tax periods ending on or after 12 October 2000. S 71-5(1) formerly read:

(1)
An acquisition that solely or partly relates to making *financial supplies is not a *creditable acquisition to the extent that the acquisition would (but for this section) be a *GST-creditable benefit on the provision of which *fringe benefits tax is payable.

(2)    

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However, this section does not apply to an acquisition if:

(a) the only reason it relates to making supplies that are * input taxed is because it relates to making * financial supplies ; and

(b) you do not *exceed the financial acquisitions threshold .

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S 71-5(2) substituted by No 156 of 2000, s 3 and Sch 3 item 14, applicable in relation to net amounts for tax periods ending on or after 12 October 2000. S 71-5(2) formerly read:

(2)
However, this section applies only if you *exceed the financial acquisitions threshold.

(3)    
This section has effect despite section 11-5 (which is about what is a creditable acquisition).

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History

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

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