A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 131.50 Amounts of input tax credits for creditable acquisitions or creditable importations of certain cars

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 131.50

  (1)   If:

  (a)   this Division applies to working out the amount of a * creditable acquisition or * creditable importation that you made; and

  (b)   the acquisition or importation is an acquisition or importation of a * car;

the amount of the input tax credit on the acquisition or importation under this Division must not exceed the amount (if any) of the input tax credit worked out under section   69 - 10.

  (2)   However, if subsection   131 - 40(2) or 131 - 45(2) applies to the acquisition or importation:

  (a)   take into account the operation of section   69 - 10 in working out the full input tax credit for the purposes of that subsection; but

  (b)   disregard subsection   69 - 10(3).