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

Chapter 4 - The special rules  

Part 4-1 - Special rules mainly about particular ways entities are organised  

Note:

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 51 - GST joint ventures  

Subdivision 51-D - Ceasing to be a participant in, or an operator of, a GST joint venture  

51-115   Changes in extent of creditable purpose after you cease to be a member of a GST joint venture  

(1)  
If:


(a) while you were a * participant in a * GST joint venture , you acquired or imported a thing by the joint venture operator acquiring or importing it on your behalf; and


(b) you cease to be a participant in the GST joint venture;

then, when applying section 129-40 for the first time after that cessation, the *intended or former application of the thing is the extent of * creditable purpose last used to work out:


(c) under section 51-35 , the amount of the input tax credit to which the * joint venture operator was entitled for the acquisition or importation; or


(d) under section 51-40 , the amount of any * adjustment the joint venture operator had under Division 129 in relation to the acquisition or importation.

(2)  
If:


(a) while you were a * participant in a * GST joint venture , you acquired or imported a thing by the joint venture operator acquiring or importing it on your behalf; and


(b) you have ceased to be a participant in the GST joint venture; and


(c) you have an * adjustment under Division 129 in relation to the acquisition or importation;

then, for the purposes of working out the full input tax credit in section 129-70 or 129-75 , you are taken not to have been a participant of a GST joint venture when you acquired or imported the thing.




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