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

Part 4 - Stock on hand on 1 July 2000  

18   Second-hand goods  


Division 66 of the GST Act applies to second-hand goods you acquired before 1 July 2000 only if:

(a) you held them at the start of that day for the purposes of sale or exchange (but not for manufacture) in the ordinary course of business; and

(b) you had not previously held them for any other purpose.


However, if:

(a) because of this section, you are entitled to an input tax credit for an acquisition of second-hand goods; and

(b) the * consideration for the acquisition was $300 or less;

the input tax credit is treated as though it were an input tax credit attributable to any one tax period of your choice.


This section does not apply to second-hand goods in respect of which you are entitled to a special credit under former section 16 .

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