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
If an entity acquires * second-hand goods , and, because of section 66-45 and for no other reason, the supply of the goods to the entity is not a * taxable supply :
(a) the fact that the supply is not a taxable supply does not stop the acquisition being a * creditable acquisition ; and
(b) the amount of the input tax credit for the creditable acquisition is worked out as if the supply were a taxable supply. (2)
(a) an entity makes a * creditable acquisition of * second-hand goods ; and
(b) the amount of GST on the supply of the goods to the entity was reduced because of section 66-50 ;
the amount of the input tax credit for the creditable acquisition is worked out as if that amount of GST had not been so reduced.(3)
This section has effect despite section 11-5 (which is about what is a creditable acquisition) and section 11-25 (which is about the amount of input tax credits for creditable acquisitions).
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.