Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 130.5

  (1)   You have an increasing adjustment if:

  (a)   you made a * creditable acquisition or * creditable importation of goods; and

  (b)   the acquisition or importation was solely for a * creditable purpose; and

  (c)   you * apply the goods solely to private or domestic use.

  (2)   The amount of the increasing adjustment is an amount equal to the amount of the input tax credit to which you were entitled for the acquisition or importation, taking account of any * adjustments for the acquisition or importation.

  (3)   However, this section does not apply if you have previously had an adjustment under Division   129 for the acquisition or importation.

Table of Subdivisions

131 - A   Electing to have annual apportionment

131 - B   Consequences of electing to have annual apportionment