A New Tax System (Goods and Services Tax) Act 1999
Chapter 4
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The special rules
Part 4-2
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Special rules mainly about supplies and acquisitions
The fact that an acquisition from your * associate is without * consideration does not stop the acquisition being a * creditable acquisition if you acquire the thing supplied otherwise than solely for a * creditable purpose . (2)
This section has effect despite paragraph 11-5(c) (which would otherwise require a creditable acquisition to be for consideration). (3)
However, this section does not apply to any acquisition that is constituted by an insurer settling a claim under an * insurance policy or by an * operator settling a claim under a * compulsory third party scheme .
Note:
The special rules in this Part mainly modify the operation of Part 2-2 , but they may affect other Parts of Chapter 2 in minor ways.
Division 72 - Associates
CCH Note
Subdivision 72-B
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Acquisitions without consideration
72-40
Creditable acquisitions without consideration
(1)
For transitional provisions relating to a supply or acquisition that an incapacitated entity makes to or from an associate of the incapacitated entity, see note under Div 58 heading.
The fact that an acquisition from your * associate is without * consideration does not stop the acquisition being a * creditable acquisition if you acquire the thing supplied otherwise than solely for a * creditable purpose . (2)
This section has effect despite paragraph 11-5(c) (which would otherwise require a creditable acquisition to be for consideration). (3)
However, this section does not apply to any acquisition that is constituted by an insurer settling a claim under an * insurance policy or by an * operator settling a claim under a * compulsory third party scheme .
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