A New Tax System (Goods and Services Tax) Act 1999
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
View history note
Hide history noteThe 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).
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