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 72 - Associates  

CCH Note

For transitional provisions relating to a supply or acquisition that an incapacitated entity makes to or from an associate of the incapacitated entity, see note under Div 58 heading.

Subdivision 72-B - Acquisitions without consideration  

72-40   Creditable acquisitions without consideration  

(1)    
The fact that an acquisition from your * associate is without * consideration does not stop the acquisition being a * creditable acquisition if you acquire the thing supplied otherwise than solely for a * creditable purpose .

(2)    
This section has effect despite paragraph 11-5(c) (which would otherwise require a creditable acquisition to be for consideration).

(3)    

View history reference

However, this section does not apply to any acquisition that is constituted by an insurer settling a claim under an * insurance policy or by an * operator settling a claim under a * compulsory third party scheme .

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History

S 72-40(3) amended by No 67 of 2003, s 3 and Sch 11 item 13, by inserting ``or by an *operator settling a claim under a *compulsory third party scheme'' after ``*insurance policy'', applicable in relation to net amounts for tax periods starting on or after 1 July 2000.

S 72-40(3) inserted by No 177 of 1999, s 3 and Sch 1 item 87, effective 1 July 2000.

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