A New Tax System (Goods and Services Tax) Act 1999

Chapter 4 - The special rules  

Part 4-2 - Special rules mainly about supplies and acquisitions  


The special rules in this Part mainly modify the operation of Part 2-2 , but they may affect other Parts of Chapter 2 in minor ways.

Division 66 - Second-hand goods  

Subdivision 66-B - Acquisitions of second-hand goods that are divided for re-supply  

66-60   Input tax credits for acquiring second-hand goods the supply of which is not fully taxable  

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.


(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.

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).


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