A New Tax System (Goods and Services Tax) Regulations 1999 (repealed)
For subsection 70-5(2) of the Act, the percentage to which the input tax credit is reduced is as follows:
(a) for a reduced credit acquisition covered by item 32 of the table in subregulation 70-5.02(2) - 55%;
(b) for a reduced credit acquisition covered by item 32 and one or more other items of the table in subregulation 70-5.02(2) :
(i) to the extent that the acquisition is covered by item 32 - 55%; and
(ii) to the extent that the acquisition is not covered by item 32 - 75%;
(c) for all other kinds of reduced credit acquisitions - 75%.
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