Section 69‑10 Amounts of input tax credits for c - A New Tax System (Goods and Services Tax) Act 1999 - 69‑10 Amounts of input tax credits for creditable acquisitions or creditable importations of certain cars

69‑10 Amounts of input tax credits for c69‑10 Amounts of input tax credits for creditable acquisitions or creditable importations of certain cars

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69‑10 Amounts of input tax credits for creditable acquisitions or creditable importations of certain cars

(1) If: (a) you are entitled to an input tax credit for a *creditable acquisition or *creditable importation of a *car; and (b) you are not, for the purposes of the A New Tax System (Luxury Car Tax) Act 1999, entitled to quote an *ABN in relation to the supply to which the creditable acquisition relates, or in relation to the importation, as the case requires; and (c) the *GST inclusive market value of the car exceeds the *car limit for the *financial year in which you first used the car for any purpose; the amount of the input tax credit on the acquisition or importation is the amount of GST payable on the supply or importation of the car up to 1/11 of that limit. (2) However, if: (a) the supply of the car is *GST‑free to any extent under Subdivision 38‑P; or (b) the importation of the car is non‑taxable to any extent under paragraph 13‑10(b) because it would have been GST‑free to any extent under Subdivision 38‑P if it had been a supply; you are not entitled to the input tax credit for the acquisition or importation. (3) If your acquisition or importation is *partly creditable, the input tax credit is reduced to the extent (expressed as a percentage) to which the acquisition or importation is made for a *creditable purpose. (4) This section does not apply in relation to: (a) the acquisition or importation of a *car that is not a *luxury car because of subsection 25‑1(2) of the A New Tax System (Luxury Car Tax) Act 1999; or

Note: Emergency vehicles, cars fitted to transport disabled people, non‑passenger commercial vehicles, motor homes and campervans are not luxury cars under that subsection.

(b) the acquisition of a car by lease or hire.

(5) This section has effect despite sections 11‑25 and 15‑20 (which are about the amount of input tax credits on creditable acquisitions and creditable importations).