A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 84.13 The amount of input tax credits relating to offshore supplies

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 84.13

  (1)   The amount of the input tax credit for a * creditable acquisition that relates to a supply that is a * taxable supply because of section   84 - 5 is as follows:

where:

"extent of consideration" is:

  (a)   if the * recipient is the supplier's * associate and the supply is without * consideration--100%; or

  (b)   in any other case--the extent to which you provide, or are liable to provide, the consideration for the acquisition, expressed as a percentage of the total consideration for the acquisition.

"extent of creditable purpose" is the extent to which the * creditable acquisition is for a * creditable purpose, expressed as a percentage of the total purpose of the acquisition.

"full input tax credit" is 11 / 10 of what would have been the amount of the input tax credit for the acquisition if:

  (a)   the supply had been or is a * taxable supply otherwise than because of section   84 - 5; and

  (b)   the acquisition had been made solely for a creditable purpose; and

  (c)   you had provided, or had been liable to provide, all of the consideration for the acquisition.

  (1A)   However, if:

  (a)   an * annual apportionment election that you have made has effect at the end of the tax period to which the input tax credit is attributable; and

  (b)   the acquisition is not an acquisition of a kind specified in the regulations made for the purposes of paragraph   131 - 40(1)(b);

the amount of the input tax credit on the acquisition is worked out under section   131 - 40 as if full input tax credit had the same meaning in subsection   131 - 40(2) as it has in subsection   (1) of this section.

  (2)   This section has effect despite:

  (a)   sections   11 - 25 and 11 - 30 (which are about the amount of input tax credits for creditable acquisitions); and

  (b)   section   72 - 45 (which is about the amount of input tax credits on an acquisition from an associate without consideration).