A New Tax System (Goods and Services Tax) Act 1999
The special rules in this Part mainly modify the operation of Part 2-2 so far as that Part deals with liability for GST and entitlement to input tax credits, but the special rules also affect other aspects of Part 2-2 and the other Parts of Chapter 2 .Division 60 - Pre-establishment costs 60-15 Pre-establishment acquisitions and importations (1)
An acquisition that you make is a pre-establishment acquisition , and an importation that you make is a pre-establishment importation , if:
(a) you do not * apply the thing acquired or imported for any purpose other than for a * creditable purpose relating to a * company not yet in existence; and
(b) the company comes into existence, and becomes * registered , within 6 months after the acquisition or importation; and
(c) you become a member, officer or employee of the company; and
(d) in the case of an acquisition - you have been fully reimbursed by the company for the * consideration you provided for the acquisition; and
(e) in the case of an importation - you have been fully reimbursed by the company:
(i) for the *assessed GST paid on the importation; and
(ii) for the cost of acquiring or producing the thing imported.
However, the acquisition or importation is not a pre-establishment acquisition or a pre-establishment importation if:
(a) you are entitled to an input tax credit for the acquisition or importation; or
(b) the company acquires the thing acquired or imported, and that acquisition by the company is a * creditable acquisition .