Document ID: chunk:federal_register_of_legislation:C2025C00126:section:3:p5
Version: federal_register_of_legislation:C2025C00126
Segment Type: section
Provision Reference: s 3 (pt 5/9)
Character Range: 414432–417179

*associate from you; or
 (b) an acquisition by you from your associate;
would be by sale or some other means, the acquisition is taken for the purposes of the *GST law to be an acquisition by that means.

72‑25  Supplies that would otherwise be GST‑free, input taxed or financial supplies
  The fact that a supply to or from your *associate is without *consideration does not stop the supply from being any of the following for the purposes of the *GST law:
 (a) a *GST‑free supply;
 (b) a supply that is *input taxed;
 (c) a *financial supply.

Subdivision 72‑B—Acquisitions without consideration

72‑40  Creditable acquisitions without consideration
 (1) The fact that an acquisition from your *associate is without *consideration does not stop the acquisition being a *creditable acquisition if you acquire the thing supplied otherwise than solely for a *creditable purpose.
 (2) This section has effect despite paragraph 11‑5(c) (which would otherwise require a creditable acquisition to be for consideration).
 (3) However, this section does not apply to any acquisition that is constituted by an insurer settling a claim under an *insurance policy or by an *operator settling a claim under a *compulsory third party scheme.

72‑45  The amount of the input tax credit
 (1) The amount of the input tax credit on an acquisition from your *associate that is without *consideration is as follows:

where:
extent of creditable purpose is the extent to which the creditable acquisition is for a *creditable purpose, expressed as a percentage of the total purpose of the acquisition.
full input tax credit is what would have been the amount of the input tax credit for the acquisition if it had been made solely for a creditable purpose and you had provided, or had been liable to provide, all of the consideration for the acquisition.
 (1A) However, if:
 (a) an *annual apportionment election that you have made has effect at the end of the tax period to which the input tax credit is attributable; and
 (b) the acquisition is not an acquisition of a kind specified in the regulations made for the purposes of paragraph 131‑40(1)(b);
the amount of the input tax credit on the acquisition is worked out under section 131‑40 as if you had provided, or had been liable to provide, all of the *consideration for the acquisition.
 (2) This section has effect despite subsection 11‑30(3) (which is about the amount of input tax credits on partly creditable acquisitions).

72‑50  Attributing the input tax credit to tax periods
 (1) The tax period to which the input tax credit for a *creditable acquisition from your *associate without *consideration is attributable is the tax period in which the supply to which the acquisition relates first becomes a