Document ID: chunk:federal_register_of_legislation:C2004A01369:clause:2_14:p4
Version: federal_register_of_legislation:C2004A01369
Segment Type: clause
Provision Reference: sch 2 cl 14 (pt 4/6)
Character Range: 27509–30233

has effect despite sections 15‑20 and 15‑25 (which are about amounts of input tax credits).

131‑50  Amounts of input tax credits for creditable acquisitions or creditable importations of certain cars

 (1) If:
 (a) this Division applies to working out the amount of a *creditable acquisition or *creditable importation that you made; and
 (b) the acquisition or importation is an acquisition or importation of a *car;
the amount of the input tax credit on the acquisition or importation under this Division must not exceed the amount (if any) of the input tax credit worked out under section 69‑10.

 (2) However, if subsection 131‑40(2) or 131‑45(2) applies to the acquisition or importation:
 (a) take into account the operation of section 69‑10 in working out the full input tax credit for the purposes of that subsection; but
 (b) disregard subsection 69‑10(3).

131‑55  Increasing adjustments relating to annually apportioned acquisitions and importations

 (1) You have an increasing adjustment if:
 (a) an acquisition or importation that you made was *partly creditable; and
 (b) the input tax credit on the acquisition or importation is attributable to a tax period ending in a particular *financial year; and
 (c) the amount of the input tax credit is an amount worked out under this Division.

 (2) The amount of the increasing adjustment is an amount equal to the difference between:
 (a) the amount of the input tax credit worked out under this Division; and
 (b) what would have been the amount of the input tax credit if this Division did not apply.

 (3) In working out for the purposes of paragraph (2)(a) the amount of an input tax credit, take into account any change of circumstances that has given rise to:
 (a) an adjustment for the acquisition under Division 19; or
 (b) an adjustment for the acquisition under Division 21.

Note: Because of subsection 136‑10(3), the amount of the Division 21 adjustment will not be reduced under Division 136.

 (4) In working out for the purposes of paragraph (2)(b) what would have been the amount of an input tax credit, take into account any change of circumstances that has given rise to:
 (a) an adjustment for the acquisition under Division 19 (worked out as if this Division had not applied to working out the amount of the input tax credit); or
 (b) an adjustment for the acquisition under Division 21.

Note: If this Division did not apply, the amount of the Division 21 adjustment would have been worked out under Division 136.

Example: While an annual apportionment election has effect, you make a partly creditable acquisition for $1,100, for which you have an input tax credit of $100. The extent of your creditable purpose is 10%.

During later tax