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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 48.55

GST groups treated as single entities for certain purposes

             (1)  Despite sections 48-45 and 48-50, a * GST group is treated as a single entity, and not as a number of entities corresponding to the * members of the GST group, for the purposes of working out:

                     (a)  the amounts of any input tax credits to which the * representative member is entitled; and

                     (b)  whether the representative member has any * adjustments; and

                     (c)  the amounts of any such adjustments.

          (1A)  If:

                     (a)  while you were not a * member of any * GST group, you acquired or imported a thing; and

                     (b)  you become a member of a GST group at a time when you still hold the thing;

then, when the * representative member of the GST group applies section 129-40 for the first time after you became a member of the GST group, 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 were entitled for the acquisition or importation; or

                     (d)  the amount of any * adjustment you had under Division 129 in relation to the thing;

as the case requires.

             (2)  This section has effect despite section 11-25 (which is about the amount of input tax credits) and section 17-10 (which is about the effect of adjustments on net amounts).



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