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-B - Acquisitions of second-hand goods that are divided for re-supply  

66-50   Future re-supplies on which GST is reduced  

(1)    
The amount of GST on a * taxable supply you make is reduced if:

(a) it is a supply of goods that were part of an acquisition you made that was an acquisition of * second-hand goods to which this Subdivision applied; and

(b) your * total Subdivision 66-B credit amount is more than your * total Subdivision 66-B GST amount ; and

(c) what would be the amount of GST payable on the supply, if the amount were not reduced under this section, is more than the difference between:

(i) your total Subdivision 66-B credit amount; and

(ii) your total Subdivision 66-B GST amount.

Note:

This section will not apply unless the record keeping requirements of section 66-55 are met.

(2)    
The amount by which the GST on the supply is reduced is an amount equal to the difference between:

(a) your * total Subdivision 66-B credit amount ; and

(b) your * total Subdivision 66-B GST amount .

(3)    
This section has effect despite section 9-70 (which is about the amount of GST on taxable supplies).

Note:

Section 9-90 (rounding of amounts of GST) can apply to amounts of GST worked out using this section.