Limitations on the right to credit input taxFootnote1 For readers unfamiliar with Australian GST terminology, the meanings of key words and phrases used in this case note, and their approximate equivalents in EU VAT terminology, are: (1) ‘GST’ is Australia's goods and services tax, which is a value added tax; (2) ‘Enterprise’ is roughly equivalent to the EU VAT concept of an ‘economic activity’; (3) ‘Input tax’ is the GST incurred on taxed acquisitions (purchases) or importations made by the taxpayer; (4) To be entitled to an ‘input tax credit’ is to have a right to deduct that input tax; (5) ‘Creditable acquisitions’ are acquisitions for which there is a right to deduct; (6) ‘Input taxed’ supplies are exempt without the right to deduct; (7) ‘GST-free’ supplies are exempt with the right to deduct; and (8) ‘Entity’ roughly equates to ‘person’, without being limited to legal persons.
Rio Tinto Services Limited v Commissioner of Taxation [2015] FCAFC 117
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