A New Tax System (Goods and Services Tax) Act 1999
Note:Division 72 - Associates
For transitional provisions relating to a supply or acquisition that an incapacitated entity makes to or from an associate of the incapacitated entity, see note under Div 58 heading.
The fact that an acquisition from your * associate is without * consideration does not stop the acquisition being a * creditable acquisition if you acquire the thing supplied otherwise than solely for a * creditable purpose . (2)
This section has effect despite paragraph 11-5(c) (which would otherwise require a creditable acquisition to be for consideration). (3)
However, this section does not apply to any acquisition that is constituted by an insurer settling a claim under an * insurance policy or by an * operator settling a claim under a * compulsory third party scheme .
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