70-15
CurrentHow much are the reduced input tax credits?
Volume 1s 1-1 to 113-5
Chapter 4The special rules
Part 4-2Special rules mainly about supplies and acquisitions
Division 70Financial supplies (reduced credit acquisitions)
70-15 How much are the reduced input tax credits?
(1)
The amount of an input tax credit for a *creditable acquisition of a *reduced credit acquisition is an amount equal to the GST payable on the supply of the acquisition multiplied by the percentage specified under subsection 70‑5(2) for acquisitions of that kind.
(2)
However, the amount of such an input tax credit is further reduced if the acquisition is only *partly creditable.
(3)
This section has effect despite section 11‑25 (which is about the amount of input tax credits).
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