Document ID: chunk:federal_register_of_legislation:C2004A00749:clause:3_26
Version: federal_register_of_legislation:C2004A00749
Segment Type: clause
Provision Reference: sch 3 cl 26
Character Range: 36102–36629

26  Subsection 111‑10(2)
Repeal the subsection, substitute:

 (2) However, if:
 (a) the person incurring the expense incurs it in the capacity of an agent, *officer or partner; and
 (b) the incurring of the expense is only in part related directly to his or her activities as your agent or officer, or as a partner, as the case requires;
the amount of the input tax credit under subsection (1) is reduced by an extent equivalent to the extent to which the incurring of the expense is not related directly to those activities.