A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 129.50 Creditable purpose
A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 129.50
Creditable purpose(1) You * apply a thing for a creditable purpose to the extent that you apply it in * carrying on your * enterprise.
(2) However, you do not * apply a thing for a creditable purpose to the extent that:
(a) the application relates to making supplies that are * input taxed; or
(b) the application is of a private or domestic nature.
(3) To the extent that an * application relates to making *
financial supplies through an * enterprise, or a part of an enterprise, that
you * carry on outside the indirect tax zone, the application is not, for the
purposes of paragraph (2)(a), treated as one that relates to making
supplies that would be * input taxed.