A New Tax System (Goods and Services Tax) Act. Australia

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      Non-residents making supplies connected with Australia

      Division 83

      4A

      Offshore supplies other than goods or real property

      Division 84

      5

      Sale of freehold interests etc.

      Division 75

      7

      Supplies partly connected with Australia

      Division 96

      8

      Transactions relating to insurance policies

      Division 78

      9

      Valuation of taxable supplies of goods in bond

      Division 108

      Note: There are other laws that may affect the amount of GST on taxable supplies. 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).

      Division 11—Creditable acquisitions

      11-1 What this Division is about

      You are entitled to input tax credits for your creditable acquisitions. This Division defines creditable acquisitions, states who is entitled to the input tax credits and describes how to work out the input tax credits on acquisitions.

      11-5 What is a creditable acquisition?

      You make a creditable acquisition if:

      (a) you acquire anything solely or partly for a *creditable purpose; and

      (b) the supply of the thing to you is a *taxable supply; and

      (c) you provide, or are liable to provide, *consideration for the supply; and

      (d) you are *registered, or *required to be registered.

      11–10 Meaning of acquisition

      (1) An acquisition is any form of acquisition whatsoever.

      (2) Without limiting subsection (1), acquisition includes any of these:

      (a) an acquisition of goods;

      (b) an acquisition of services;

      (c) a receipt of advice or information;

      (d) an acceptance of a grant, assignment or surrender of *real property;

      (e) an acceptance of a grant, transfer, assignment or surrender of any right;

      (f) an acquisition of something the supply of which is a *financial supply;

      (g) an acquisition of a right to require another person:

      (i) to do anything; or

      (ii) to refrain from an act; or

      (iii) to tolerate an act or situation;

      (h) any combination of any 2 or more of the matters referred to in paragraphs (a) to (g).

      (3) However, an acquisition does not include an acquisition of *money unless the money is provided as *consideration for a supply that is a supply of money.

      11–15 Meaning of creditable purpose

      (1) You acquire a thing for a creditable purpose to the extent that you acquire it in *carrying on your *enterprise.

      (2) However, you do not acquire the thing for a creditable purpose to the extent that:

      (a) the acquisition relates to making supplies that would be *input taxed; or

      (b) the acquisition is of a private or domestic nature.

      (3) An acquisition is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be *input taxed to the extent that the supply is made through an *enterprise, or a part of an enterprise, that you *carry on outside Australia.

      (4) An acquisition is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be *input taxed if:

      (a) the only reason it would (apart from this subsection) be so treated is because it relates to making *financial supplies; and

      (b) you do not *exceed the financial acquisitions threshold.

      (5) An acquisition is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be *input taxed to the extent that:

      (a) the acquisition relates to making a *financial supply consisting of a borrowing; and

      (b) the borrowing relates to you making supplies that are not input taxed.

      11–20 Who is entitled to input tax credits for creditable acquisitions?

      You are entitled to the input tax credit for any *creditable acquisition that you make.

      11–25 How much are the input tax credits for creditable acquisitions?

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

      Note: The basic rule for working out the GST payable on the supply is in Subdivision 9-C. However, the GST payable may be affected by other provisions in:

      (a) this Act (for a list of provisions, see section 9-99); 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)).

      11–30 Acquisitions that are partly creditable

      (1) An acquisition that you make is partly creditable if it is a *creditable acquisition to which one or both of the following apply:

      (a) you make the acquisition only partly for a *creditable purpose;

      (b) you provide, or are liable to provide, only part of the *consideration for the acquisition.

      (3) The amount of the input tax credit on an acquisition that you make that is *partly creditable is as follows:

      where:

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