Commonwealth Consolidated Acts

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 66.10

Amounts of input tax credits for creditable acquisitions of second-hand goods

             (1)  The amount of the input tax credit for a * creditable acquisition of * second-hand goods for which the * consideration is more than $300 is:

                     (a)  an amount equal to 1 / 11 of the * consideration that you provide, or are liable to provide, for the acquisition; or

                     (b)  if that amount is more than the amount of the GST payable on a * taxable supply of the goods that you make--the amount of GST on that taxable supply.

          (1A)  The amount of the input tax credit for a * creditable acquisition of * second-hand goods for which the * consideration is $300 or less is an amount equal to 1 / 11 of the * consideration that you provide, or are liable to provide, for the acquisition.

             (2)  However, this section does not apply if the supply of the goods to you is a * taxable supply.

             (3)  This section has effect despite section 11-25 (which is about the amount of input tax credits for creditable acquisitions).



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