Tax Laws Amendment (2010 GST Administration Measures No. 3) Act 2010 (91 of 2010)

Schedule 3   Adjustments for third party payments

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

7   Paragraph 134-10(2)(a)

Repeal the paragraph, substitute:

(a) either:

(i) if your acquisition from the other entity was a *creditable acquisition - the amount of the input tax credit entitlement for the acquisition; or

(ii) if your acquisition from the other entity would have been a creditable acquisition but for a reason to which subsection (3) applies - the amount that would have been the amount of the input tax credit entitlement for the acquisition had it been a creditable acquisition;

taking into account any other *adjustments that arose, or would have arisen, relating to the acquisition; and