Commonwealth Consolidated Acts

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 66.65

Total Subdivision 66-B credit amounts and Subdivision 66-B GST amounts

             (1)  Your total Subdivision 66-B credit amount is the sum of the amounts of the input tax credits to which you would have been entitled, for all your acquisitions of * second-hand goods to which this Subdivision applied, if this Subdivision had not applied to them.

             (2)  Your total Subdivision 66-B GST amount is the sum of:

                     (a)  all the amounts of GST that, but for the operation of section 66-45, would have been payable on supplies that you made; and

                     (b)  all the amounts by which GST payable on supplies that you made has been reduced under section 66-50.



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