Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 11.25

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

Note:   The basic rule for working out the GST payable on the supply is in Subdivision   9 - C. However, the GST payable may be affected by other provisions in:

(a)   this Act (for a list of provisions, see section   9 - 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)).