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

Part 4 - Stock on hand on 1 July 2000  

17   Stock later applied for private or domestic purpose  

(1)  
If:


(a) you have on hand, at the start of 1 July 2000, assessable goods that are held for the purposes of sale or exchange (but not for manufacture) in the ordinary course of business; and


(b) on or after 1 July 2000, you apply the goods to any extent for a private or domestic purpose; and


(c) you are registered, or required to be registered, when you apply the goods;

you are taken, for the purposes of the GST law, to have made a taxable supply that is attributable to the tax period during which you apply the goods.

(2)  
The value of the supply is the market value of the goods (to the extent that they are applied for that purpose) when they were applied.

(3)  
If:


(a) you have on hand, at the start of 1 July 2000, assessable goods that are held for the purposes of sale or exchange (but not for manufacture) in the ordinary course of business; and


(b) on or after 1 July 2000, you cease to be registered; and


(c) you still hold the goods at the time of the cessation;

you are taken, for the purposes of the GST law, to have made a taxable supply that is attributable to the tax period that was in progress immediately before the cessation.

(4)  
The value of the supply is the market value of the goods as at the time of the cessation.

(5)  


In this section:

assessable goods
has the same meaning as in the former Sales Tax Assessment Act 1992 .




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