A New Tax System (Wine Equalisation Tax and Luxury Car Tax Transition) Act 1999 (REPEALED)

Part 2 - Wine equalisation tax  

3 (Repealed by 101 of 2006)   Special GST credit for sales tax paid on stock  

(1)    
You are entitled to a special credit for GST purposes if:

(a) you are registered as at 1 July 2000; and

(b) you have on hand, at the start of 1 July 2000, wine you acquired or imported that is held for the purposes of sale or exchange (but not for manufacture) in the ordinary course of business.

(2)    
However, this section:

(a) does not apply if you have borne sales tax in respect of the wine at a rate that is less than 20%; and

(b) does not apply to second-hand goods.

(2A)    
This section applies to wine that is the subject of a supply to which section 6A of the A New Tax System (Goods and Services Tax Transition Act 1999 applies as if the reference in paragraph (1)(b) of this section to having wine on hand at the start of 1 July 2000 were a reference to having wine on hand immediately after the end of the transition trading period (within the meaning of that section).

(3)    
If you have borne sales tax in respect of the wine at a rate of more than 26%, the amount of the special credit is equal to 12/41 of the amount of sales tax that you have borne in respect of the wine.

(3A)    
If you have borne sales tax in respect of the wine at a rate of not more than 26% but at least 20%, the amount of the special credit is as follows:

Sales tax amount

×

Sales tax rate − 14% Sales tax rate

where:

sales tax amount
is the amount of sales tax that you have borne in respect of the wine.

sales tax rate
is the rate at which you have borne sales tax in respect of the wine.

(3B)    
However, if the amount of sales tax you have borne in respect of the wine changes after 1 July 2000, the amount of the special credit changes accordingly.

(4)    
The special credit is treated as though it were an input tax credit attributable to any one tax period of your choice. However, you are not entitled to it unless you separately identify it in a GST return that you lodge for a tax period that ends before 7 January 2001.

(4A)    
If the amount of the special credit changes under subsection (3B) after you lodged that return, you must lodge with the Commissioner an amended GST return for that tax period. You must lodge it on or before the 21st day of the month following the end of the tax period in which the change happens.

(5)    
The Commissioner may make a written ruling determining methods for working out the amount of sales tax that you have borne in respect of specified wine in cases where that amount is not readily ascertainable.

Note:

Wine may be specified by name, by inclusion in a specified class or in any other way.

(6)    
In this section:

sales tax
means any tax imposed under the name of sales tax by any Act.

wine
has the meaning given by Subdivision 31-A of the A New Tax System (Wine Equalisation Tax) Act 1999 .

(7)    
Other expressions in this section have the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 .