A New Tax System (Goods and Services Tax) (Average Input Tax Credit Fraction) Determination 20101
A New Tax System (Goods and Services Tax) Act 1999
I, NICK SHERRY, Assistant Treasurer, make this Determination under subsection 79‑100 (3) of the A New Tax System (Goods and Services Tax) Act 1999.
Dated 24 March 2010
NICK SHERRY
1 Name of Determination
This Determination is the A New Tax System (Goods and Services Tax) (Average Input Tax Credit Fraction) Determination 2010.
2 Commencement
This Determination commences on 1 July 2010.
3 Average input tax credit fraction
For subsection 79‑100 (3) of the A New Tax System (Goods and Services Tax) Act 1999, the new fraction for the compulsory third party scheme mentioned below is to be the average input tax credit fraction for the scheme for the financial year that begins on 1 July 2010.
Compulsory third party scheme | Average input tax credit fraction |
Compensation scheme for victims of motor accidents under the Motor Accidents Act 1988 (NSW) and the Motor Accidents Compensation Act 1999 (NSW) | 32/100 |
Note For State and Territory schemes that are not mentioned in this Determination, readers should consult the following:
(a) section 79‑100 of the A New Tax System (Goods and Services Tax) Act 1999;
(b) the A New Tax System (Goods and Services Tax) (Business Vehicle Use Fraction) Determination 2003;
(c) the A New Tax System (Goods and Services Tax) (Average Input Tax Credit Fraction) Determination 2007.
Note
1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.