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

Chapter 4 - The special rules  

Part 4-2 - Special rules mainly about supplies and acquisitions  

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 66 - Second-hand goods  

Subdivision 66-B - Acquisitions of second-hand goods that are divided for re-supply  

66-65   Total Subdivision 66-B credit amounts and Subdivision 66-B GST amounts  

(1)  
Your total Subdivision 66-B credit amount is the sum of the amounts of the input tax credits to which you would have been entitled, for all your acquisitions of * second-hand goods to which this Subdivision applied, if this Subdivision had not applied to them.

(2)  
Your total Subdivision 66-B GST amount is the sum of:


(a) all the amounts of GST that, but for the operation of section 66-45 , would have been payable on supplies that you made; and


(b) all the amounts by which GST payable on supplies that you made has been reduced under section 66-50 .




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