A New Tax System (Goods and Services Tax) Act 1999
Part 4-4 - Special rules mainly about net amounts and adjustments
Note:
The special rules in this Part mainly modify the operation of Part 2-4 , but they may affect other Parts of Chapter 2 in minor ways.
Division 129 - Changes in the extent of creditable purpose
129-10 Adjustments do not arise under this Division for acquisitions and importations below a certain value
(1)
Despite
section 129-5
, an adjustment cannot arise under this Division for an acquisition or importation that *
relates to business finance
, unless the acquisition or importation had a *
GST exclusive value
of more than $10,000.
(2)
Despite
section 129-5
, an adjustment cannot arise under this Division for an acquisition or importation that does not *
relate to business finance
, unless the acquisition or importation had a *
GST exclusive value
of more than $1,000.
(3)
An acquisition or importation
relates to business finance
if, at the time of the acquisition or importation, it:
(a)
related solely or partly to making *
financial supplies
; and
(b)
was not solely or partly of a private or domestic nature.
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