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

Chapter 4 - The special rules  

Part 4-4 - Special rules mainly about net amounts and adjustments  

Note:

The special rules in this Part mainly modify the operation of Part 2-4 , but they may affect other Parts of Chapter 2 in minor ways.

Division 129 - Changes in the extent of creditable purpose  

Subdivision 129-A - General  

129-10   Adjustments do not arise under this Division for acquisitions and importations below a certain value  

(1)    
Despite section 129-5 , an adjustment cannot arise under this Division for an acquisition or importation that * relates to business finance , unless the acquisition or importation had a * GST exclusive value of more than $10,000.

(2)    
Despite section 129-5 , an adjustment cannot arise under this Division for an acquisition or importation that does not * relate to business finance , unless the acquisition or importation had a * GST exclusive value of more than $1,000.

(3)    
An acquisition or importation relates to business finance if, at the time of the acquisition or importation, it:


(a) related solely or partly to making * financial supplies ; and


(b) was not solely or partly of a private or domestic nature.




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