Commonwealth Consolidated Acts

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 15.10

Meaning of creditable purpose

             (1)  You import goods for a creditable purpose to the extent that you import the goods in * carrying on your * enterprise.

             (2)  However, you do not import the goods for a creditable purpose to the extent that:

                     (a)  the importation relates to making supplies that would be * input taxed; or

                     (b)  the importation is of a private or domestic nature.

             (3)  An importation is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be * input taxed to the extent that the supply is made through an * enterprise, or a part of an enterprise, that you * carry on outside the indirect tax zone.

             (4)  An importation is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be * input taxed if:

                     (a)  the only reason it would (apart from this subsection) be so treated is because it relates to making * financial supplies; and

                     (b)  you do not * exceed the financial acquisitions threshold.

             (5)  An importation is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be * input taxed to the extent that:

                     (a)  the importation relates to making a * financial supply consisting of a borrowing; and

                     (b)  the borrowing relates to you making supplies that are not input taxed.



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