A New Tax System (Goods and Services Tax Transition) Act 1999

Part 4 - Stock on hand on 1 July 2000  

18   Second-hand goods  

(1)    

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Division 66 of the GST Act applies to second-hand goods you acquired before 1 July 2000 only if:

(a) you held them at the start of that day for the purposes of sale or exchange (but not for manufacture) in the ordinary course of business; and

(b) you had not previously held them for any other purpose.

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History

S 18(1) substituted by No 177 of 1999, s 3 and Sch 2 item 17, effective 9 July 1999. S 18(1) formerly read:

(1)
Division 66 of the GST Act applies to second-hand goods you acquired before 1 July 2000 only if you held them at the start of that day for the purposes of sale or exchange (but not for manufacture) in the ordinary course of business.

(1A)    

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However, if:

(a) because of this section, you are entitled to an input tax credit for an acquisition of second-hand goods; and

(b) the * consideration for the acquisition was $300 or less;

the input tax credit is treated as though it were an input tax credit attributable to any one tax period of your choice.

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History

S 18(1A) inserted by No 177 of 1999, s 3 and Sch 2 item 17, effective 9 July 1999.

(2)    

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This section does not apply to second-hand goods in respect of which you are entitled to a special credit under former section 16 .

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History

S 18(2) amended by No 101 of 2006, s 3 and Sch 5 item 11, by amending the reference to a repealed inoperative provision, effective 14 September 2006. For application and saving provisions see history note for s 5(3).

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