A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 15.20 How much are the input tax credits for creditable importations?

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 15.20

    The amount of input tax credit for a * creditable importation is an amount equal to the GST payable on the importation. However, the amount of the input tax credit is reduced if the importation is only * partly creditable.

Note:   The basic rule for working out the GST payable on the importation is in section   13 - 20. However, the GST payable may be affected by other provisions in:

(a)   this Act (for a list of provisions, see section   13 - 99); and

(b)   other GST laws (for example, see subsection   357 - 60(3) in Schedule   1 to the Taxation Administration Act 1953 (about the effect of rulings made under Part   5 - 5 in that Schedule)).