Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]


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).

AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback