Tax Laws Amendment (2005 Measures No. 1) Act 2005 (77 of 2005)

Schedule 3   Supplies of rights or options offshore

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

7   Subsection 84-5(1)

Repeal the subsection, substitute:

(1) A supply of anything other than goods or *real property that is:

(a) a supply not *connected with Australia; or

(b) a supply connected with Australia because of paragraph 9-25(5)(c);

is a taxable supply if:

(c) the *recipient of the supply acquires the thing supplied solely or partly for the purpose of an *enterprise that the recipient *carries on in Australia, but not solely for a *creditable purpose; and

(d) the supply is for *consideration; and

(e) the recipient is *registered or *required to be registered.

However, the supply is not a *taxable supply to the extent that it is *GST-free or *input taxed.