Tax and Superannuation Laws Amendment (2014 Measures No. 4) Act 2014 (110 of 2014)

Schedule 5  

Part 4   Other amendments of principal Acts

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

92   Subsection 111-5(3)

Repeal the subsection, substitute:

(3) However, the acquisition is not a *creditable acquisition:

(a) to the extent (if any) that:

(i) the employee, *associate, agent, *officer or partner is entitled to an input tax credit for acquiring the thing acquired in incurring the expense; or

(ii) the acquisition would not, because of Division 69, be a creditable acquisition if you made it; or

(b) unless the supply of the thing acquired, by the employee, associate, agent, officer or partner in incurring the expense, was a taxable supply; or

(c) if you would, because of Division 71, not have been entitled to an input tax credit if you had made the acquisition that the employee, associate, agent, officer or partner made.