TAXATION ADMINISTRATION REGULATIONS 1976 [REPEALED]

PART 4A - INDIRECT TAX REFUND SCHEME  

REGULATION 21D   CONDITIONS AND LIMITATIONS OF REFUNDS  

21D(1)  
For subsection 105-125(2) in Schedule 1 to the Act, an entity of the kind specified in subregulation 21B(1) is entitled to a refund of an amount of indirect tax paid on an acquisition of the kind specified in subregulation 21C(1) if the entity has agreed in writing to repay the amount of the refund to the Commissioner in any of the following circumstances:


(a) if the entity purchased a car, and agreed to retain the car for 3 years after purchasing the car - the entity disposes of the car to an entity (other than an entity of a kind specified by subregulation 21B(1) ) before the end of 3 years after the first entity purchased the car;


(b) if the entity purchased goods other than a car - the entity disposes of the goods (other than to an entity of a kind specified by subregulation 21B(1) ) in the indirect tax zone or an External Territory before the end of 2 years after the entity purchased the goods;


(c) if the entity acquired a service - the entity assigns the entity's entitlement to the service to another entity (other than an entity of a kind specified by subregulation 21B(1) ) in the indirect tax zone or an External Territory.

21D(2)  
The amount to be repaid is:


(a) for an acquisition to which paragraph (1)(a) or (b) applies - the proportion of the amount of indirect tax paid for the acquisition that is equal to the proportion of the period mentioned in the paragraph remaining after the entity disposes of the acquisition; and


(b) for an acquisition to which paragraph (1)(c) applies - the amount of indirect tax paid for the acquisition.

21D(3)  
The amount of indirect tax to be refunded to an applicant is limited by the terms of the international agreement to which the entity is subject.

21D(4)  
The entity must use the taxable supply acquired by the entity in accordance with the terms of the international agreement to which the entity is subject.




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