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In a recent case, SVYR and FCT 2022, (SVYR) the taxpayer was denied input tax credits (ITC), due to the basic conditions for entitlement to claim an ITC not having been satisfied. In this case:
The taxpayer argued that they should only remit GST to the ATO on the net of, the total price, and the credit applied by Telco, as they did not receive the total price charged for the goods under the arrangement. This was on the basis that they had made a creditable acquisition from Telco, for which the consideration was the difference between the total price of the goods, and the actual cash received after applying the credit.
However, it was held that the taxpayer was not entitled to an input tax credit (ITC). The decision emphasises the importance of identifying the supply for which consideration has been paid when claiming an input tax credit. Key aspects of this are:
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to your circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
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