Tax Laws Amendment (2005 Measures No. 2) Act 2005 (78 of 2005)

Schedule 6   Goods and services tax and real property

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

3   After subsection 48-55(1)


(1A) If:

(a) while you were not a *member of any *GST group, you acquired or imported a thing; and

(b) you become a member of a GST group at a time when you still hold the thing;

then, when the *representative member of the GST group applies section 129-40 for the first time after you became a member of the GST group, the *intended or former application of the thing is the extent of *creditable purpose last used to work out:

(c) the amount of the input tax credit to which you were entitled for the acquisition or importation; or

(d) the amount of any *adjustment you had under Division 129 in relation to the thing;

as the case requires.