Treasury Laws Amendment (2019 Measures No. 3) Act 2020 (64 of 2020)

Schedule 3   Miscellaneous amendments

Part 3   Amendments relating to instruments

Division 1   Amendments

A New Tax System (Goods and Services Tax Act 1999

146   Subsection 79-100(1)

Omit all the words after "third party scheme for a *financial year", substitute:

is:

(a) if paragraph (b) does not apply - the same fraction as the average input tax credit fraction for the scheme for the preceding financial year; or

(b) if, under subsection (3), the Minister determines the average input tax credit fraction for the scheme for the financial year - that fraction.

Note: The average input tax credit fraction for financial years beginning on or before 1 July 2006 was worked out under this section as in force before the commencement of item 146 of Schedule 3 to the Treasury Laws Amendment (2019 Measures No. 3) Act 2020.