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

Chapter 4 - The special rules  

Part 4-5 - Special rules mainly about registration  

Note:

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  

146-10   Limited registration entities cannot make creditable acquisitions  

(1)  
An acquisition made by a *limited registration entity is not a *creditable acquisition if an election under subsection 146-5(2) is in effect for the entity when the acquisition is made.

(2)  
However, subsection (1) does not apply, and is taken never to have applied, to the acquisition if you revoke the election under subsection 146-5(5) during:


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


(b) the next financial year.

(3)  
This section has effect despite section 11-5 (which is about what is a creditable acquisition).




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