A New Tax System (Goods and Services Tax) Act 1999
72‑45 The amount of the input tax credit72‑45 The amount of the input tax credit
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72‑45 The amount of the input tax credit
(1) The amount of the input tax credit on an acquisition from your *associate that is without *consideration is as follows:
Start formula Full input tax credit times Extent of creditable purpose end formula
where:
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 what would have been the amount of the input tax credit for the acquisition if it had been made solely for a creditable purpose and 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 you had provided, or had been liable to provide, all of the *consideration for the acquisition. (2) This section has effect despite subsection 11‑30(3) (which is about the amount of input tax credits on partly creditable acquisitions).