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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 75.22 Increasing adjustment relating to input tax credit entitlement

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 75.22

Increasing adjustment relating to input tax credit entitlement

  (1)   You have an increasing adjustment if:

  (a)   you make a * taxable supply of * real property under the * margin scheme; and

  (b)   an acquisition that you made of part of the interest, unit or lease in question was made through a supply that was * ineligible for the margin scheme; and

  (c)   you were, or are, entitled to an input tax credit for the acquisition.

The amount of the increasing adjustment is an amount equal to the * previously attributed input tax credit amount for the acquisition.

  (2)   You have an increasing adjustment if:

  (a)   you make a * taxable supply of * real property under the * margin scheme; and

  (b)   you acquired all or part of the interest, unit or lease in question by inheriting it; and

  (c)   the entity from whom you inherited (the deceased ) had acquired part of the interest, unit or lease that you inherited through a supply that was * ineligible for the margin scheme; and

  (d)   the deceased was entitled to an input tax credit for that acquisition.

The amount of the increasing adjustment is an amount equal to the * previously attributed input tax credit amount for the acquisition.

  (3)   You have an increasing adjustment if:

  (a)   you make a * taxable supply of * real property under the * margin scheme; and

  (b)   an acquisition that you made of part of the interest, unit or lease in question was made through a supply that was * ineligible for the margin scheme because of paragraph   75 - 5(3)(e), (f) or (g); and

  (c)   the entity from whom you made the acquisition had been entitled to an input tax credit for its acquisition.

  (4)   You have an increasing adjustment if:

  (a)   you make a * taxable supply of * real property under the * margin scheme; and

  (b)   the acquisition that you made of the interest, unit or lease in question:

  (i)   was made through a supply that was * GST - free under Subdivision   38 - J or Subdivision   38 - O; or

  (ii)   was made through a supply (other than a taxable supply) from your * associate without * consideration and in the course or furtherance of an * enterprise that your associate * carried on; or

  (iii)   was made from your associate but not by means of a supply from your associate; and

  (c)   the entity from whom you acquired the interest, unit or lease:

  (i)   acquired part of the interest, unit or lease through a supply that would have been * ineligible for the margin scheme if it had been a supply of the whole of the interest, unit or lease; and

  (ii)   had been entitled to an input tax credit for its acquisition; and

  (iii)   was * registered or * required to be registered, at the time of your acquisition of the interest, unit or lease.

  (5)   The amount of the * increasing adjustment under subsection   (3) or (4) is an amount equal to 1 / 11 of:

  (a)   if you choose to apply an * approved valuation to work out the amount--an approved valuation of the part of the interest, unit or lease referred to in paragraph   (3)(b) or subparagraph   (4)(c)(i) as at the day on which the entity had acquired it; or

  (b)   otherwise--the * consideration for the entity's acquisition of that part of the interest, unit or lease.

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