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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 48.115

Changes in extent of creditable purpose after you cease to be a member of a GST group

             (1)  If:

                     (a)  either:

                              (i)  while you were a * member of a * GST group (the first GST group ), you acquired a thing (other than from another member of that group) or imported a thing; or

                             (ii)  you acquired or imported a thing while you were not a member of any GST group, and you subsequently became a member of a GST group (the first GST group ) while you still held the thing; and

                     (b)  you cease to be a member of the first GST group;

then, when applying section 129-40 for the first time after that cessation, the * intended or former application of the thing is the extent of * creditable purpose last used to work out:

                     (c)  the amount of the input tax credit to which you or the * representative member was entitled for the acquisition or importation; or

                     (d)  the amount of any * adjustment you or the representative member had under Division 129 in relation to the thing.

             (2)  If:

                     (a)  while you were a * member of a * GST group (the first GST group ), you acquired a thing (other than from another member of that group) or imported a thing; and

                     (b)  you have ceased to be a member of the first GST group; and

                     (c)  you have an * adjustment under Division 129 in relation to the thing, or the * representative member of another GST group of which you are a * member has that adjustment;

then, for the purposes of working out the full input tax credit in section 129-70 or 129-75, you are taken not to have been a member of a GST group when you acquired or imported the thing.

Table of Subdivisions

49-A     Approval of GST religious groups

49-B      Consequences of approval of GST religious groups

49-C      Administrative matters



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