Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 66.15

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

             (1)  If:

                     (a)  you are entitled, under this Division, to the input tax credit for a * creditable acquisition of * second-hand goods; and

                     (b)  either the * consideration for the acquisition was more than $300 or you choose to have this section apply to the acquisition;

the input tax credit for the acquisition is attributable to:

                     (c)  the tax period in which any * consideration is received for a subsequent * taxable supply of the goods; or

                     (d)  if, before any of the consideration is received, you have issued an * invoice relating to the supply--the tax period in which the invoice is issued.

             (2)  However, if you * account on a cash basis, then:

                     (a)  if, in a tax period, all of the * consideration is received for the subsequent * taxable supply--the input tax credit for the acquisition is attributable to that tax period; or

                     (b)  if, in a tax period, part of the consideration is received--the input tax credit for the acquisition is attributable to that tax period, but only to the extent that the consideration is received in that tax period; or

                     (c)  if, in a tax period, none of the consideration is received--none of the input tax credit for the acquisition is attributable to that tax period.

             (4)  This section has effect despite section 29-10 (which is about attributing the input tax credits for creditable acquisitions).



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback