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  

60-5   Input tax credit for acquisitions and importations before establishment  

(1)    
If you make a * creditable acquisition that is a * pre-establishment acquisition , or a * creditable importation that is a * pre-establishment importation , relating to a * company before it is in existence:

(a) you are not entitled to the input tax credit on the acquisition or importation; and

(b) once the company is in existence, it is entitled to the input tax credit on the acquisition or importation.

(2)    
This section has effect despite sections 11-20 and 15-15 (which are about who is entitled to input tax credits).