A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 129.70 The amount of an increasing adjustment

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 129.70

    The amount of an * increasing adjustment that you have under Step 3 of the Method statement in section   129 - 40 for the thing acquired or imported is worked out as follows:

where:

"full input tax credit" is the amount of the input tax credit to which you would have been entitled for acquiring or importing the thing for the purpose of your * enterprise if:

  (a)   the acquisition or importation had been solely for a * creditable purpose; and

  (b)   in the case where the supply to you was a * taxable supply because of section   72 - 5 or 84 - 5--the supply had been or is a * taxable supply under section   9 - 5.