Document ID: chunk:federal_register_of_legislation:F2023L00353:clause:1_6
Version: federal_register_of_legislation:F2023L00353
Segment Type: clause
Provision Reference: sch 1 cl 6
Character Range: 3368–4557

6  Waiver of the requirement to hold a tax invoice
  For the purposes of attributing an input tax credit for a creditable acquisition to a tax period, an employer is not required to hold a tax invoice under subsection 29‑10(3) of the Act if:
            (a) the employer makes a creditable acquisition by way of a lease of a motor vehicle under a full novation or a split full novation arrangement;
            (b) the acquisition is not covered by Division 111 of the Act; and
            (c) at the time the employer gives a GST return to the Commissioner for the tax period to which the input tax credit (or any part of the input tax credit) on the acquisition would otherwise be attributable, the employer holds a document that is:
               (i) a tripartite agreement (or deed of novation) between the employer, their employee, and the finance company for the creditable acquisition by way of a lease of the motor vehicle that meets the requirements in subsection 7(1); and
               (ii) a tax invoice issued to their employee for the acquisition by way of a lease of the motor vehicle by the employee prior to the novation that meets the requirements in subsection 7(2).