Published on 01 Dec 02
by THE TAX INSTITUTE
The financial acquisitions threshold operates to affect the availability of credits both in relation to acquisitions (sec 11-15(4)) and importations (sec 15-10(4)). Whether the threshold is reached depends upon levels of credits that may have attached to 'financial acquisitions' (either in terms of monetary amount (the 'first limb test' as described in the Ruling) or as a proportion of credits that may have attached to all acquisitions (the 'second limb test' as described in the draft Ruling).
INSTITUTE OF CHARTERED ACCOUNTANTS IN AUSTRALIA
NATIONAL INSTITUTE OF ACCOUNTANTS
TAXATION INSTITUTE OF AUSTRALIA