A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 (177 of 1999)

Schedule 2   Indirect tax transition

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

18   At the end of section 20

Add:

(5) If you are not entitled to an input tax credit on an acquisition because of this section, sections 21-15 and 21-20 of the GST Act do not apply to you in relation to that acquisition.

(6) If an input tax credit to which you are entitled is reduced by 50% because of this section, then, for the purposes of applying section 21-15 or 21-20 of the GST Act (where relevant), the amount of any adjustment under that section is reduced by 50% (before any application of Division 136 of that Act).