A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)
Schedule 3 Income Tax Assessment Act 1997
Part 1 General
17 At the end of section 30-15
Add:
(3) For the purposes of items 4, 5 and 6 of the table in subsection (2), the *GST inclusive market values of the property or place in question are reduced by 1/11 if you would have been entitled to an *input tax credit if:
(a) you had *acquired the property or place at the time you made the gift; and
(b) your acquisition had been for a *creditable purpose.
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