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
If you acquire * second-hand goods for the purposes of sale or exchange (but not for manufacture) in the ordinary course of * business , the fact that the supply of the goods to you is not a * taxable supply does not stop the acquisition being a * creditable acquisition .
However, this section does not apply, and is taken never to have applied, to the acquisition if:
(a) the supply of the goods to you was a * taxable supply , or was * GST-free ; or
(b) you * imported the goods; or
(c) the supply of the goods to you was a supply by way of hire; or
(d) Subdivision 66-B applies to the acquisition; or
(e) you make a supply of the goods that is not a taxable supply.
This section has effect despite section 11-5 (which is about what is a creditable acquisition).
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