Document ID: chunk:federal_register_of_legislation:F2017L00363:body:0:p2
Version: federal_register_of_legislation:F2017L00363
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period in which part of the consideration is received, but only to the extent that the consideration is received in that tax period.

        (d) However, if some or all of the GST payable on the supply (relevant GST payable) would be attributable under subparagraph  5(c) to a tax period or tax periods that end before the cooling off period expires, then the relevant GST payable is attributable to the tax period in which the cooling off period expires.

  6.     Particular attribution rule for input tax credits arising from a creditable acquisition still subject to a statutory cooling off period

        (a) If you do not account on a cash basis and you make a creditable acquisition subject to a statutory cooling off period under an Australian law, then the input tax credit to which you are entitled for the acquisition is attributable to the earlier of:

           (i) the tax period in which you provide any of the consideration for the acquisition; or

           (ii) the tax period in which an invoice is issued relating to the acquisition.

       (b) However, if the input tax credit for the acquisition would be attributable under subparagph 6(a) to a tax period that ends before the cooling off period expires, the input tax credit is attributable to the tax period in which the cooling off period expires.

       (c) If you account on a cash basis and you make a creditable acquisition subject to a statutory cooling off period under an Australian law, then the input tax credit to which you are entitled for the acquisition is attributable to a tax period where:

            (i) if, in a tax period, you provide all of the consideration for the acquisition – the tax period in which that consideration is provided; or

           (ii) If, in a tax period, you provide part of the consideration – the tax period in which part of the consideration is provided, but only to the extent that the consideration is provided in that tax period.

       (d) However, if some or all of the input tax credit (relevant input tax credit) would be attributable under subclause 6(c) to a tax period or tax periods that end before the cooling off period expires, then the relevant input tax credit is attributable to the tax period in which the cooling off period expires.

  7.      To avoid doubt, this determination is not intended to override subsection 29-10(3) or Division 156 of the GST Act.

  8.     Definitions
  Expressions in this Determination have the same meaning as in the GST Act.