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

Schedule 8  

Petroleum Resource Rent Tax Assessment Act 1987

16   Before section 32 of Division 3 of Part V

Insert:

31B Effect of input tax credits etc. on deductible expenditure

For the purposes of this Division, a reference to an amount of expenditure incurred, or a liability incurred, by a person does not include an amount equal to:

(a) any input tax credit to which the person is entitled; or

(b) any decreasing adjustments that the person has;

in relation to that expenditure or liability.