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

Chapter 4 - The special rules  

Part 4-2 - Special rules mainly about supplies and acquisitions  

Note:

The special rules in this Part mainly modify the operation of Part 2-2 , but they may affect other Parts of Chapter 2 in minor ways.

Division 66 - Second-hand goods  

Subdivision 66-A - Input tax credits for acquiring second-hand goods  

66-15   Attributing input tax credits for creditable acquisitions of second-hand goods  

(1)    
If:

(a) you are entitled, under this Division, to the input tax credit for a * creditable acquisition of * second-hand goods ; and

(b) either the * consideration for the acquisition was more than $300 or you choose to have this section apply to the acquisition;

the input tax credit for the acquisition is attributable to:

(c) the tax period in which any * consideration is received for a subsequent * taxable supply of the goods; or

(d) if, before any of the consideration is received, you have issued an * invoice relating to the supply - the tax period in which the invoice is issued.

(2)    
However, if you * account on a cash basis , then:

(a) if, in a tax period, all of the * consideration is received for the subsequent * taxable supply - the input tax credit for the acquisition is attributable to that tax period; or

(b) if, in a tax period, part of the consideration is received - the input tax credit for the acquisition is attributable to that tax period, but only to the extent that the consideration is received in that tax period; or

(c) if, in a tax period, none of the consideration is received - none of the input tax credit for the acquisition is attributable to that tax period.

(3)    
(Repealed by No 177 of 1999)

(4)    
This section has effect despite section 29-10 (which is about attributing the input tax credits for creditable acquisitions).