A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 (177 of 1999)

Schedule 1   Indirect Tax Acts

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

73   At the end of Division 51

Add:

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

51-110 Adjustments after you cease to be a participant in a GST joint venture

(1) If you *cease to be a participant in a GST joint venture, any *adjustment that arises afterwards in relation to a supply, acquisition or importation that the *joint venture operator made on your behalf in the course of activities for which the joint venture was entered into (other than a supply covered by subsection 51-30(2)):

(a) is an adjustment that you have; and

(b) is not an adjustment of the *company that is or was the joint venture operator.

(2) This section has effect despite section 51-40 (which is about who has adjustments for 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.