Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 11.15

             (1)  You acquire a thing for a creditable purpose to the extent that you acquire it in ^* carrying on your ^* enterprise.

             (2)  However, you do not acquire the thing for a creditable purpose to the extent that:

                     (a)  the acquisition relates to making supplies that would be ^* input taxed; or

                     (b)  the acquisition is of a private or domestic nature.

             (3)  An acquisition is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be ^* input taxed to the extent that the supply is made through an ^* enterprise, or a part of an enterprise, that you ^* carry on outside Australia.

             (4)  An acquisition is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be ^* input taxed if:

                     (a)  the only reason it would (apart from this subsection) be so treated is because it relates to making ^* financial supplies; and

                     (b)  you do not ^* exceed the financial acquisitions threshold.

             (5)  An acquisition is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be ^* input taxed to the extent that:

                     (a)  the acquisition relates to making a ^* financial supply consisting of a borrowing; and

                     (b)  the borrowing relates to you making supplies that are not input taxed.