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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 71.5 Acquisitions by input taxed suppliers to provide fringe benefits

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 71.5

Acquisitions by input taxed suppliers to provide fringe benefits

  (1)   An acquisition that solely or partly relates to making supplies that are * input taxed is not a * creditable acquisition if:

  (a)   the acquisition would (but for this section) be an acquisition of a kind referred to in paragraph   149A(2)(b) of the Fringe Benefits Tax Assessment Act 1986 ; and

  (b)   the acquisition specifically relates to the provision of a particular benefit (within the meaning of that Act) in respect of which * fringe benefits tax is or will be payable.

  (2)   However, this section does not apply to an acquisition if:

  (a)   the only reason it relates to making supplies that are * input taxed is because it relates to making * financial supplies; and

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

  (3)   This section has effect despite section   11 - 5 (which is about what is a creditable acquisition).

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