Taxation Administration Regulations 2017
PART 4
-
OTHER TAXES (CHAPTER 3 IN SCHEDULE 1 TO THE ACT)
Division 2
-
Indirect taxes
SECTION 60
REFUND SCHEME
-
CONDITIONS AND LIMITATIONS
60(1)
This section is made for the purposes of subsection 105-125(2) in Schedule 1 to the Act.
60(2)
An entity of the kind specified in section 58 is entitled to a refund of an amount of indirect tax paid on an acquisition of a kind specified in section 59 if the entity has agreed, in writing, to repay the amount worked out under subsection (3) to the Commissioner in any of the following circumstances:
(a) if the entity purchased a car, and agreed to retain the car for 3 years after purchasing the car - the entity disposes of the car to an entity (other than an entity of a kind specified by section 58 ) before the end of 3 years after the first entity purchased the car;
(b) if the entity purchased goods (within the meaning of the A New Tax System (Goods and Services Tax) Act 1999 ) other than a car - the entity disposes of the goods (other than to an entity of a kind specified by section 58 ) in the indirect tax zone or an External Territory before the end of 2 years after the entity purchased the goods;
(c) if the entity acquired a service - the entity assigns the entity ' s entitlement to the service to another entity (other than an entity of a kind specified by section 58 ) in the indirect tax zone or an External Territory.
60(3)
The amount to be repaid is:
(a) for an acquisition to which paragraph (2)(a) or (b) applies - the proportion of the amount of indirect tax paid for the acquisition that is equal to the proportion of the period mentioned in the paragraph remaining after the entity disposes of the acquisition; and
(b) for an acquisition to which paragraph (2)(c) applies - the amount of indirect tax paid for the acquisition.
60(4)
The amount of indirect tax to be refunded to an applicant is limited by the terms of the international agreement to which the entity is subject.
60(5)
The entity must use the taxable supply acquired by the entity in accordance with the terms of the international agreement to which the entity is subject.
This section is made for the purposes of subsection 105-125(2) in Schedule 1 to the Act.
60(2)
An entity of the kind specified in section 58 is entitled to a refund of an amount of indirect tax paid on an acquisition of a kind specified in section 59 if the entity has agreed, in writing, to repay the amount worked out under subsection (3) to the Commissioner in any of the following circumstances:
(a) if the entity purchased a car, and agreed to retain the car for 3 years after purchasing the car - the entity disposes of the car to an entity (other than an entity of a kind specified by section 58 ) before the end of 3 years after the first entity purchased the car;
(b) if the entity purchased goods (within the meaning of the A New Tax System (Goods and Services Tax) Act 1999 ) other than a car - the entity disposes of the goods (other than to an entity of a kind specified by section 58 ) in the indirect tax zone or an External Territory before the end of 2 years after the entity purchased the goods;
(c) if the entity acquired a service - the entity assigns the entity ' s entitlement to the service to another entity (other than an entity of a kind specified by section 58 ) in the indirect tax zone or an External Territory.
60(3)
The amount to be repaid is:
(a) for an acquisition to which paragraph (2)(a) or (b) applies - the proportion of the amount of indirect tax paid for the acquisition that is equal to the proportion of the period mentioned in the paragraph remaining after the entity disposes of the acquisition; and
(b) for an acquisition to which paragraph (2)(c) applies - the amount of indirect tax paid for the acquisition.
60(4)
The amount of indirect tax to be refunded to an applicant is limited by the terms of the international agreement to which the entity is subject.
60(5)
The entity must use the taxable supply acquired by the entity in accordance with the terms of the international agreement to which the entity is subject.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.