Document ID: chunk:federal_register_of_legislation:C2025C00126:clause:3_16:p12
Version: federal_register_of_legislation:C2025C00126
Segment Type: clause
Provision Reference: sch 3 cl 16 (pt 12/58)
Character Range: 669530–672285

adjustment nor a decreasing adjustment, for the *adjustment period, for the acquisition or importation.
 (2) *Actual applications and *intended or former applications are to be expressed as percentages.
 (3) If the thing is acquired through a *reduced credit acquisition and, at the time of the acquisition, it was wholly for a *creditable purpose because of Division 70, the extent to which it was acquired for a creditable purpose is the reduced input tax credit percentage prescribed for the purposes of subsection 70‑5(2) for an acquisition of that kind.

129‑45  Gifts to gift‑deductible entities
 (1) If you are or were entitled to an input tax credit for the *creditable acquisition of a thing, an *adjustment does not arise under this Subdivision merely because you supply the thing as a gift to an *endorsed charity or *gift‑deductible entity.
 (3) Subsection (1) does not apply in relation to a thing that you supply to a *gift‑deductible entity endorsed as a deductible gift recipient (within the meaning of the *ITAA 1997) under section 30‑120 of the ITAA 1997, unless:
 (a) the entity is:
 (i) an *endorsed charity; or
 (ii) a fund, authority or institution of a kind referred to in paragraph 30‑125(1)(b) of the ITAA 1997; or
 (b) each purpose to which the supply relates is a *gift‑deductible purpose of the entity.
Note: This subsection excludes from this section supplies to certain (but not all) gift‑deductible entities that are only endorsed for the operation of a fund, authority or institution. However, supplies can be covered by this section if they relate to the principal purpose of the fund, authority or institution.

129‑50  Creditable purpose
 (1) You *apply a thing for a creditable purpose to the extent that you apply it in *carrying on your *enterprise.
 (2) However, you do not *apply a thing for a creditable purpose to the extent that:
 (a) the application relates to making supplies that are *input taxed; or
 (b) the application is of a private or domestic nature.
 (3) To the extent that an *application relates to making *financial supplies through an *enterprise, or a part of an enterprise, that you *carry on outside the indirect tax zone, the application is not, for the purposes of paragraph (2)(a), treated as one that relates to making supplies that would be *input taxed.

129‑55  Meaning of apply
  Apply, in relation to a thing acquired or imported, includes:
 (a) supply the thing; and
 (b) consume, dispose of or destroy the thing; and
 (c) allow another entity to consume, dispose of or destroy the thing.

Subdivision 129‑D—Amounts of adjustments for acquisitions and importations

129‑70  The amount of an increasing adjustment
  The amount of an *increasing adjustment that you have under Step 3 of