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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 71.10

Importations by input taxed suppliers to provide fringe benefits

  (1)   An importation that solely or partly relates to making supplies that are * input taxed is not a * creditable importation if:

  (a)   the importation would (but for this section) be an importation of a kind referred to in paragraph   149A(2)(b) of the Fringe Benefits Tax Assessment Act 1986 ; and

  (b)   the importation specifically relates to the provision of a particular benefit (within the meaning of that Act) in respect of which * fringe benefits tax is or will be payable.

  (2)   However, this section does not apply to an importation if:

  (a)   the only reason it relates to making supplies that are * input taxed is because it relates to making * financial supplies; and

  (b)   you do not * exceed the financial acquisitions threshold.

  (3)   This section has effect despite section   15 - 5 (which is about what is a creditable importation).

Table of Subdivisions

72 - A   Supplies without consideration

72 - B   Acquisitions without consideration

72 - C   Supplies for inadequate consideration

72 - D   Application of this Division to certain sub - entities


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