Commonwealth Consolidated Acts

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 60.20

Creditable purpose

             (1)  If, before a * company is in existence, you make an acquisition or importation:

                     (a)  for the purpose of bringing the company into existence; or

                     (b)  for the purpose of the company * carrying on an * enterprise after it is in existence;

you acquire or import the thing for a creditable purpose only to the extent that you acquire or import it for either or both of those purposes.

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

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

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

             (3)  An acquisition or 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 the company will * carry on outside the indirect tax zone.

             (4)  This section has effect despite sections 11-15 and 15-10 (which are about creditable purpose).



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