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  

66-17   Records of creditable acquisitions of second-hand goods  

(1)    
If you make a * creditable acquisition of second-hand goods and the supply of the goods to you was not a * taxable supply :

(a) subsection 29-10(3) applies to the acquisition as if references to a * tax invoice were references to a record you prepared that complies with this section; and

(b) subsection 29-20(3) applies to an adjustment event relating to the acquisition as if references to an * adjustment note were references to a record you prepared that complies with this section.

(2)    
To comply with this section, the record must:

(a) set out the name and address of the entity that supplied the goods to you; and

(b) describe the goods (including their quantity); and

(c) set out the date of, and the *consideration for, the acquisition.

(2A)    

Subsection 29-10(3) does not apply to a * creditable acquisition of * second-hand goods if:

(a) the supply to which the acquisition relates is not a * taxable supply ; and

(b) the amount that would have been the * value of the supply (if it had been a * taxable supply ) does not exceed $50, or such higher amount as the regulations made for the purposes of subsection 29-80(1) specify.

(2B)    

Subsection 29-20(3) does not apply to a * decreasing adjustment relating to a * creditable acquisition of * second-hand goods if:

(a) the supply to which the acquisition relates is not a * taxable supply ; and

(b) the amount of the adjustment does not exceed $50, or such higher amount as the regulations made for the purposes of subsection 29-80(2) specify.

(3)    
This section has effect despite section 29-10 (which is about attributing the input tax credits for creditable acquisitions) and section 29-20 (which is about attributing decreasing adjustments).