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

Schedule 2   Indirect tax transition

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

17   Subsection 18(1)

Repeal the subsection, substitute:

(1) 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.

(1A) 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.