Indirect Tax Laws Amendment (Assessment) Act 2012 (39 of 2012)

Schedule 1   Assessment of amounts under indirect tax laws

Part 1   Amendments commencing on 1 July 2012

Division 3   Other amendments

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

82   At the end of section 93-10

Add:

Amendment of assessments in relation to supplies

(4) You do not cease under section 93-5 to be entitled to an input tax credit if:

(a) the input tax credit is for a *creditable acquisition that relates to making a supply; and

(b) during the period of 4 years mentioned in subsection 93-5(1), a *net amount of yours is *assessed on the basis that the supply is *input taxed; and

(c) after the end of that 4-year period, the Commissioner amends the assessment of your net amount for the tax period to which the supply is attributable under section 155-35, 155-45 or 155-50, or paragraph 155-60(a) or (b), in Schedule 1 to the Taxation Administration Act 1953 on the basis that the supply is not input taxed; and

(d) the input tax credit is taken into account in an assessment of a net amount of yours (the credit assessment ):

(i) after the end of that 4-year period; and

(ii) at a time when the Commissioner may amend the assessment of your net amount for the tax period mentioned in subsection 93-5(1) of this Act (whether the credit assessment or another assessment) under Subdivision 155-B in Schedule 1 to the Taxation Administration Act 1953 on the basis that you are entitled to the input tax credit.

Request to treat document as tax invoice

(5) If:

(a) you requested the Commissioner to treat a document under subsection 29-70(1B) as a *tax invoice for the purposes of attributing an input tax credit to a tax period; and

(b) you made the request before the end of the 4-year period mentioned in subsection 93-5(1) in relation to the tax period; and

(c) the Commissioner agrees to the request after the end of the 4-year period;

you do not cease under section 93-5 to be entitled to the input tax credit to the extent that, had the Commissioner agreed to the request before the end of the 4-year period, you would not cease under that section to be entitled to the credit.