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

Chapter 4 - The special rules  

Part 4-2 - Special rules mainly about supplies and acquisitions  

Note:

The special rules in this Part mainly modify the operation of Part 2-2 , but they may affect other Parts of Chapter 2 in minor ways.

Division 66 - Second-hand goods  

Subdivision 66-A - Input tax credits for acquiring second-hand goods  

66-10   Amounts of input tax credits for creditable acquisitions of second-hand goods  

(1)    

The amount of the input tax credit for a * creditable acquisition of * second-hand goods for which the * consideration is more than $300 is:

(a) an amount equal to 1/11 of the * consideration that you provide, or are liable to provide, for the acquisition; or

(b) if that amount is more than the amount of the GST payable on a * taxable supply of the goods that you make - the amount of GST on that taxable supply.

(1A)    

The amount of the input tax credit for a * creditable acquisition of * second-hand goods for which the * consideration is $300 or less is an amount equal to 1/11 of the * consideration that you provide, or are liable to provide, for the acquisition.

(2)    
However, this section does not apply if the supply of the goods to you is a * taxable supply .

(3)    
This section has effect despite section 11-25 (which is about the amount of input tax credits for creditable acquisitions).