Commonwealth Consolidated Acts

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 15.20

How much are the input tax credits for creditable importations?

                   The amount of input tax credit for a * creditable importation is an amount equal to the GST payable on the importation. However, the amount of the input tax credit is reduced if the importation is only * partly creditable.

Note:          The basic rule for working out the GST payable on the importation is in section 13-20. However, the GST payable may be affected by other provisions in:

(a)    this Act (for a list of provisions, see section 13-99); and

(b)    other GST laws (for example, see subsection 357-60(3) in Schedule 1 to the Taxation Administration Act 1953 (about the effect of rulings made under Part 5-5 in that Schedule)).



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