Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 66.50

  (1)   The amount of GST on a * taxable supply you make is reduced if:

  (a)   it is a supply of goods that were part of an acquisition you made that was an acquisition of * second - hand goods to which this Subdivision applied; and

  (b)   your * total Subdivision   66 - B credit amount is more than your * total Subdivision   66 - B GST amount; and

  (c)   what would be the amount of GST payable on the supply, if the amount were not reduced under this section, is more than the difference between:

  (i)   your total Subdivision   66 - B credit amount; and

  (ii)   your total Subdivision   66 - B GST amount.

Note:   This section will not apply unless the record keeping requirements of section   66 - 55 are met.

  (2)   The amount by which the GST on the supply is reduced is an amount equal to the difference between:

  (a)   your * total Subdivision   66 - B credit amount; and

  (b)   your * total Subdivision   66 - B GST amount.

  (3)   This section has effect despite section   9 - 70 (which is about the amount of GST on taxable supplies).

Note:   Section   9 - 90 (rounding of amounts of GST) can apply to amounts of GST worked out using this section.