A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)

Schedule 1   Indirect Tax Acts

Part 1   Amendment of the A New Tax System (Goods and Services Tax) Act 1999

23   At the end of section 15-10


(4) An importation is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be *input taxed if:

(a) the only reason it would (apart from this subsection) be so treated is because it relates to making *financial supplies; and

(b) your *annual turnover of financial supplies does not exceed the lesser of:

(i) $50,000 or such other amount specified in the regulations; or

(ii) 5% of your *annual turnover (treating supplies that are input taxed as part of your annual turnover).