Tax Laws Amendment (Small Business Measures) Act 2004 (134 of 2004)

Schedule 2   Annual apportionment of creditable purpose

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

5   At the end of section 19-70

Add:

(2) In working out the *corrected input tax credit amount for the acquisition:

(a) take into account any change of circumstances that has given rise to an adjustment for the acquisition under this Subdivision or Division 21 or 129; and

(b) if an adjustment relating to the acquisition under Division 131 was attributable to an earlier tax period:

(i) do not take into account that adjustment; and

(ii) treat the acquisition as one in relation to which Division 131 had not applied.