A New Tax System (Goods and Services Tax) Act 1999

Chapter 4 - The special rules  

Part 4-1 - Special rules mainly about particular ways entities are organised  

Note:

The special rules in this Part mainly modify the operation of Part 2-2 so far as that Part deals with liability for GST and entitlement to input tax credits, but the special rules also affect other aspects of Part 2-2 and the other Parts of Chapter 2 .

Division 60 - Pre-establishment costs  

60-25   Attributing the input tax credit for pre-establishment acquisitions  

(1)    
The input tax credit to which a * company is entitled under this Division for an acquisition that you made is attributable to the tax period (applying to the company) in which you were fully reimbursed by the company for the * consideration you paid for the acquisition.

(2)    
However, if the company does not hold a copy of a * tax invoice that you (or your agent) hold for the acquisition when the company gives to the Commissioner a * GST return for the tax period to which the input tax credit for the acquisition would otherwise be attributable, then:

(a) the input tax credit (including any part of the input tax credit) is not attributable to that tax period; and

(b) the input tax credit (or the part of the input tax credit) is attributable to the first tax period for which the company gives to the Commissioner a GST return at a time when it holds a copy of that tax invoice.

However, this subsection does not apply in circumstances of a kind determined in writing by the Commissioner, under subsection 29-10(3) , to be circumstances in which the requirement for a tax invoice does not apply.

For the giving of GST returns to the Commissioner, see Division 31 .

(3)    
This section has effect despite section 29-10 (which is about attributing input tax credits for acquisitions).