A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 93.5 Time limit on entitlements to input tax credits

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 93.5

  (1)   You cease to be entitled to an input tax credit for a * creditable acquisition to the extent that the input tax credit has not been taken into account, in an * assessment of a * net amount of yours, during the period of 4 years after the day on which you were required to give to the Commissioner a * GST return for the tax period to which the input tax credit would be attributable under subsection   29 - 10(1) or (2).

Note:   Section   93 - 10 sets out circumstances in which your entitlement to the input tax credit does not cease under this section.

  (2)   This section has effect despite section   11 - 20 (which is about entitlement to input tax credits).

Note:   You must hold a valid tax invoice relating to a creditable acquisition to be entitled to have an input tax credit for that acquisition taken into account in working out your assessed net amount for a tax period: see subsection   29 - 10(3).