A New Tax System (Goods and Services Tax) Act 1999

Chapter 4 - The special rules  

Part 4-5 - Special rules mainly about registration  


The special rules in this Part mainly modify the operation of Part 2-5 , but they may affect other Parts of Chapter 2 in minor ways.

Division 146 - Limited registration entities  

146-15   Limited registration entities cannot make creditable importations  

An importation made by a *limited registration entity is not a *creditable importation if an election under subsection 146-5(2) is in effect for the entity when the importation is made.

However, subsection (1) does not apply, and is taken never to have applied, to the importation if you revoke the election under subsection 146-5(5) during:

(a) the *financial year in which the importation is made; or

(b) the next financial year.

This section has effect despite section 15-5 (which is about what is a creditable importation).

This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.