A New Tax System (Goods and Services Tax) Act 1999
Note:Division 66 - Second-hand goods Subdivision 66-A - Input tax credits for acquiring second-hand goods
(a) you are entitled, under this Division, to the input tax credit for a * creditable acquisition of * second-hand goods ; and
(b) either the * consideration for the acquisition was more than $300 or you choose to have this section apply to the acquisition;
the input tax credit for the acquisition is attributable to:
(c) the tax period in which any * consideration is received for a subsequent * taxable supply of the goods; or
(d) if, before any of the consideration is received, you have issued an * invoice relating to the supply - the tax period in which the invoice is issued.
However, if you * account on a cash basis , then:
(a) if, in a tax period, all of the * consideration is received for the subsequent * taxable supply - the input tax credit for the acquisition is attributable to that tax period; or
(b) if, in a tax period, part of the consideration is received - the input tax credit for the acquisition is attributable to that tax period, but only to the extent that the consideration is received in that tax period; or
(c) if, in a tax period, none of the consideration is received - none of the input tax credit for the acquisition is attributable to that tax period. (3)
(Repealed by No 177 of 1999)
This section has effect despite section 29-10 (which is about attributing the input tax credits for creditable acquisitions).
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