Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 29.10

  (1)   The input tax credit to which you are entitled for a * creditable acquisition is attributable to:

  (a)   the tax period in which you provide any of the * consideration for the acquisition; or

  (b)   if, before you provide any of the consideration, an * invoice is issued relating to the acquisition--the tax period in which the invoice is issued.

  (2)   However, if you * account on a cash basis, then:

  (a)   if, in a tax period, you provide all of the * consideration for a * creditable acquisition--the input tax credit for the acquisition is attributable to that tax period; or

  (b)   if, in a tax period, you provide part of the consideration--the input tax credit for the acquisition is attributable to that tax period, but only to the extent that you provided the consideration in that tax period; or

  (c)   if, in a tax period, none of the consideration is provided--none of the input tax credit for the acquisition is attributable to that tax period.

  (3)   If you do not hold a * tax invoice for a * creditable acquisition when you give to the Commissioner a * GST return for the tax period to which the input tax credit (or any part of the input tax credit) on the acquisition would otherwise be attributable:

  (a)   the input tax credit (including any part of the input tax credit) is not attributable to that tax period; and

  (b)   the input tax credit (or part) is attributable to the first tax period for which you give to the Commissioner a GST return at a time when you hold that tax invoice.

However, this subsection does not apply in circumstances of a kind determined in writing by the Commissioner to be circumstances in which the requirement for a tax invoice does not apply.

For the giving of GST returns to the Commissioner, see Division   31.

  (4)   If the * GST return for a tax period does not take into account an input tax credit attributable to that tax period:

  (a)   the input tax credit is not attributable to that tax period; and

  (b)   the input tax credit is attributable to the first tax period for which you give the Commissioner a GST return that does take it into account.

Note:   Section   93 - 5 or 93 - 15 may provide a time limit on your entitlement to an input tax credit.