Indirect Tax Legislation Amendment Act 2000 (92 of 2000)

Schedule 11   Other amendments

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

10   After subsection 66-17(2)

Insert:

(2A) Subsection 29-10(3) does not apply to a *creditable acquisition of *second-hand goods if:

(a) the supply to which the acquisition relates is not a *taxable supply; and

(b) the amount that would have been the *value of the supply (if it had been a *taxable supply) does not exceed $50, or such higher amount as the regulations made for the purposes of subsection 29-80(1) specify.

(2B) Subsection 29-20(3) does not apply to a *decreasing adjustment relating to a *creditable acquisition of *second-hand goods if:

(a) the supply to which the acquisition relates is not a *taxable supply; and

(b) the amount of the adjustment does not exceed $50, or such higher amount as the regulations made for the purposes of subsection 29-80(2) specify.