GSTB 2000/2 explained how to claim input tax credits for car expenses using certain income tax methods to determine the extent of creditable purpose.
GSTB 2006/1 similarly explains how to claim input tax credits for car expenses using certain income tax methods to determine the extent of creditable purpose. However, GSTB 2006/1: • incorporates information on the annual apportionment of creditable purpose election contained in Division 131 as inserted into the A New Tax System (Goods and Services Tax) Act 1999 by Tax Laws Amendment (Small Business Measures) Act 2004 ; • refers the reader to later Rulings that either issued after GSTB 2000/2 or replace Rulings referred to in GSTB 2000/2; • uses the term 'car limit' which replaces the terms 'depreciation limit' and 'car depreciation limit'; • no longer includes information on the phasing-in rules as the rules are no longer relevant with the passage of time; • at Example 11 uses dates after the annual apportionment measure commenced and makes a minor correction to the kilometres travelled for June 2006 which does not change the outcome; and • contains up to date contact information and a 'Detailed contents list'.
With respect to the annual apportionment of creditable purpose election, GSTB 2006/1 provides an overview of the annual apportionment election; explains how the GST Bulletin is relevant to taxpayers who have made the annual apportionment election; provide examples for car and car expense acquisitions where the taxpayer has made an annual apportionment election; and refers the reader to the Fact Sheet GST and annual private apportionment for further information about the election.