Document ID: chunk:federal_register_of_legislation:C2004A01369:clause:2_14:p2
Version: federal_register_of_legislation:C2004A01369
Segment Type: clause
Provision Reference: sch 2 cl 14 (pt 2/6)
Character Range: 22620–25297

31 July in a *financial year, your *annual turnover exceeds the *annual apportionment turnover threshold.

Revocation

 (2) A revocation of your election is taken to have had, or has, effect at the start of the earliest tax period for which, on the day of the revocation, your *GST return is not yet due.

Disallowance

 (3) The Commissioner may disallow your election if, and only if, the Commissioner is satisfied that you have failed to comply with one or more of your obligations under a *taxation law.

Note: Disallowing your election is a reviewable GST decision (see Division 7 of Part VI of the Taxation Administration Act 1953).

 (4) A disallowance of your election is taken to have had effect from the start of the tax period in which the Commissioner notifies you of the disallowance.

Exceeding the annual apportionment turnover threshold

 (5) If paragraph (1)(c) applies, your election is taken to have ceased to have effect from the start of the tax period in which 31 July in the *financial year referred to in that paragraph falls.

Subdivision 131‑B—Consequences of electing to have annual apportionment

131‑40  Input tax credits for acquisitions that are partly creditable

 (1) The amount of the input tax credit on an acquisition that you make that is *partly creditable is an amount equal to the GST payable on the supply of the thing acquired 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.

 (2) However, if one or both of the following apply to the acquisition:
 (a) the acquisition relates to making supplies that would be *input taxed;
 (b) you provide, or are liable to provide, only part of the *consideration for the acquisition;
the amount of the input tax credit on the acquisition is as follows:
where:

extent of consideration is the extent to which you provide, or are liable to provide, the *consideration for the acquisition, expressed as a percentage of the total consideration for the acquisition.

extent of non‑input‑taxed purpose is the extent to which the acquisition does not relate to making supplies that would be *input taxed, 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.

 (3) In determining for the purposes of subsection (2) whether, or the extent to which,