Indirect Tax Legislation Amendment Act 2000 (92 of 2000)
Schedule 5 Financial supplies
A New Tax System (Goods and Services Tax) Act 1999
5 After subsection 70-5(1)
Insert:
(1A) However, an acquisition is not a reduced credit acquisition if, without this Division applying, an entity is entitled to an input tax credit for the acquisition.
Note: Acquisitions relating to financial supplies can give rise to input tax credits: see subsections 11-15(4) and (5).
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