Tax Laws Amendment (2008 Measures No. 5) Act 2008 (145 of 2008)

Schedule 1   Goods and services tax and real property

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

2   At the end of subsection 75-5(3)

Add:

; or (e) it is a supply in relation to which all of the following apply:

(i) you acquired the interest, unit or lease from an entity as, or as part of, a*supply of a going concern to you that was*GST-free under Subdivision 38-J;

(ii) the entity was*registered or*required to be registered, at the time of the acquisition;

(iii) the entity had acquired the entire interest, unit or lease through a taxable supply on which the GST was worked out without applying the margin scheme; or

(f) it is a supply in relation to which all of the following apply:

(i) you acquired the interest, unit or lease from an entity as, or as part of, a supply to you that was GST-free under Subdivision 38-O;

(ii) the entity was registered or required to be registered, at the time of the acquisition;

(iii) the entity had acquired the entire interest, unit or lease through a taxable supply on which the GST was worked out without applying the margin scheme; or

(g) it is a supply in relation to which all of the following apply:

(i) you acquired the interest, unit or lease from an entity who was your*associate, and who was registered or required to be registered, at the time of the acquisition;

(ii) the acquisition from your associate was without*consideration;

(iii) the supply by your associate was not a taxable supply;

(iv) your associate made the supply in the course or furtherance of an*enterprise that your associate*carried on;

(v) your associate had acquired the entire interest, unit or lease through a taxable supply on which the GST was worked out without applying the margin scheme.