A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)

Schedule 3   Income Tax Assessment Act 1997

Part 1   General

38   After subsection 110-45(3)

Insert:

Input tax credits

(3A) The first, second and third elements of the cost base are reduced as follows:

(a) for the first element - by the amount of your *input tax credit (if any) for *acquisition or *importation of the *CGT asset in question;

(b) for the second element - by the amount of your *input tax credit (if any) for your *incidental costs referred to in subsection 110-25(3);

(c) for the third element - by the amount of your *input tax credit (if any) for your non-capital costs referred to in subsection 110-25(4).