A New Tax System (Goods and Services Tax) (Average Input Tax Credit Fraction) Determination 2007 (Cth)
A New Tax System (Goods and Services Tax) (Average Input Tax Credit Fraction) Determination 2007
A New Tax System (Goods and Services Tax) Act 1999
I, PETER CRAIG DUTTON, Minister for Revenue and Assistant Treasurer, make this Determination under subsection 79‑100 (3) of the A New Tax System (Goods and Services Tax) Act 1999.
Dated 20 June 2007
PETER CRAIG DUTTON
Minister for Revenue and Assistant Treasurer
Name of Determination
This Determination is the A New Tax System (Goods and Services Tax) (Average Input Tax Credit Fraction) Determination 2007.
Commencement
This Determination commences on 1 July 2007.
Average input tax credit fraction
For subsection 79‑100 (3) of the A New Tax System (Goods and Services Tax) Act 1999, the average input tax credit fraction for each compulsory third party scheme mentioned in an item in the table is the average input tax credit fraction for that scheme for the financial year that begins on 1 July 2007.
Item
Compulsory third party scheme
Australian law
Average input tax credit fraction
1 Compulsory third party insurance scheme Motor Vehicle (Third Party Insurance) Act 1943 (WA) 33/100 2 Compulsory third party insurance scheme Road Transport (General) Act 1999 (ACT) 22/100 3 Motor accidents compensation scheme Motor Accidents (Compensation) Act (NT) 43/100
Note Readers should consult section 79‑100 of the Act and the A New Tax System (Goods and Services Tax) (Business Vehicle Use Fraction) Determination 2003 for State and Territory schemes that are not mentioned in this Determination.
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