Document ID: chunk:federal_register_of_legislation:C2010A00020:clause:1_7:p1
Version: federal_register_of_legislation:C2010A00020
Segment Type: clause
Provision Reference: sch 1 cl 7 (pt 1/3)
Character Range: 5146–7754

7  After Division 90
Insert:

Division 93—Time limit on entitlements to input tax credits

93‑1  What this Division is about

      Your entitlements to input tax credits for creditable acquisitions cease unless you include them in your net amounts within 4 years.
      However, this time limit might not apply to any such entitlements relating to amounts that the Commissioner has notified to you, that arise as a result of fraud or evasion, or that you have notified to the Commissioner.
                 Note: These amounts are dealt with in sections 105‑50 and 105‑55 in Schedule 1 to the Taxation Administration Act 1953.

93‑5  Time limit on entitlements to input tax credits
 (1) You cease to be entitled to an input tax credit for a *creditable acquisition to the extent that you have not taken it into account in working out your *net amount for:
 (a) the tax period to which the input tax credit would be attributable under subsection 29‑10(1) or (2); or
 (b) any other tax period for which you give to the Commissioner a *GST return during the period of 4 years after the day on which you were required to give to the Commissioner a GST return for the tax period referred to in paragraph (a).
Note: Section 93‑10 sets out circumstances in which your entitlement to the input tax credit does not cease under this section.
 (2) This section has effect despite section 11‑20 (which is about who is entitled to input tax credits for creditable acquisitions).

93‑10  Exceptions to time limit on entitlements to input tax credits

Commissioner has notified you of excess or refund etc.
 (1) You do not cease under section 93‑5 to be entitled to an input tax credit to the extent that:
 (a) the input tax credit arises out of circumstances that also gave rise to the whole or a part of:
 (i) an amount, or an amount of an excess, in relation to which paragraph 105‑50(3)(a) in Schedule 1 to the Taxation Administration Act 1953 applies; or
 (ii) a refund, other payment or credit in relation to which paragraph 105‑55(1)(b) in Schedule 1 to that Act applies; and
 (b) the Commissioner gave to you the notice referred to in that paragraph not later than 4 years after the end of the tax period to which the credit would be attributable under subsection 29‑10(1) or (2) of this Act.
Note 1: Section 105‑50 in Schedule 1 to the Taxation Administration Act 1953 deals with the time limit within which the Commissioner can recover indirect tax amounts, and section 105‑55 in Schedule 1 to that Act deals with the time limit within which you can claim amounts relating to indirect tax.
Note 2: Section 93‑15