Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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).