Document ID: chunk:federal_register_of_legislation:C2025C00126:clause:3_16:p9
Version: federal_register_of_legislation:C2025C00126
Segment Type: clause
Provision Reference: sch 3 cl 16 (pt 9/58)
Character Range: 661755–664624

General
129‑B Adjustment periods
129‑C When adjustments for acquisitions and importations arise
129‑D Amounts of adjustments for acquisitions and importations
129‑E Attributing adjustments under this Division

129‑1  What this Division is about
      The extent to which an acquisition or importation is for a creditable purpose affects the amount of the resulting input tax credit. When the extent of creditable purpose is changed by later events, adjustments (for the purpose of working out net amounts under Part 2‑4) may need to be made.

Subdivision 129‑A—General

129‑5  Adjustments arising under this Division
 (1) An *adjustment can arise under this Division for:
 (a) an acquisition, even if it is not a *creditable acquisition; or
 (b) an importation, even if it is not a *creditable importation;
in respect of any *adjustment period for the acquisition or importation.
 (2) However, in determining:
 (a) whether an adjustment under this Division arises; or
 (b) the amount of such an *adjustment;
disregard any change in the extent to which the thing acquired or imported is *applied in making *financial supplies, unless you *exceed the financial acquisitions threshold.

129‑10  Adjustments do not arise under this Division for acquisitions and importations below a certain value
 (1) Despite section 129‑5, an adjustment cannot arise under this Division for an acquisition or importation that *relates to business finance, unless the acquisition or importation had a *GST exclusive value of more than $10,000.
 (2) Despite section 129‑5, an adjustment cannot arise under this Division for an acquisition or importation that does not *relate to business finance, unless the acquisition or importation had a *GST exclusive value of more than $1,000.
 (3) An acquisition or importation relates to business finance if, at the time of the acquisition or importation, it:
 (a) related solely or partly to making *financial supplies; and
 (b) was not solely or partly of a private or domestic nature.

129‑15  Adjustments do not arise under this Division where there are adjustments under Division 130
  Despite section 129‑5, you cannot have an adjustment under this Division for an acquisition if you have already had an *adjustment under Division 130 (goods applied solely to private or domestic use) for the acquisition.

Subdivision 129‑B—Adjustment periods

129‑20  Adjustment periods
 (1) An adjustment period for an acquisition or importation is a tax period applying to you that:
 (a) starts at least 12 months after the end of the tax period to which the acquisition or importation is attributable (or would be attributable if it were a *creditable acquisition or *creditable importation); and
 (b) ends:
 (i) on 30 June in any year; or
 (ii) if none of the tax periods applying to you in a particular year ends on 30 June—closer to 30 June than any of