A New Tax System (Goods and Services Tax) Act 1999
Note:Division 66 - Second-hand goods Subdivision 66-B - Acquisitions of second-hand goods that are divided for re-supply
A supply you make is not a * taxable supply if:
(a) it is a supply of goods that were part of an acquisition you made that was an acquisition of * second-hand goods to which this Subdivision applied; and
(b) your * total Subdivision 66-B credit amount is more than your * total Subdivision 66-B GST amount ; and
(c) what would be the amount of GST payable on the supply, if the supply were a taxable supply, is less than or equal to the difference between:
(i) your * total Subdivision 66-B credit amount ; and
(ii) your * total Subdivision 66-B GST amount .
This section will not apply unless the record keeping requirements of section 66-55 are met.(2)
This section has effect despite section 9-5 (which is about what are taxable supplies).
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