A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 (177 of 1999)

Schedule 1   Indirect Tax Acts

Part 1   Amendment of the A New Tax System (Goods and Services Tax) Act 1999

105   After Division 129

Insert:

Division 130 - Goods applied solely to private or domestic use

130-1 What this Division is about

You may have an increasing adjustment if you apply solely to private or domestic use goods for which you had a full input tax credit.

130-5 Goods applied solely to private or domestic use

(1) You have an increasing adjustment if:

(a) you made a *creditable acquisition or *creditable importation of goods; and

(b) the acquisition or importation was solely for a *creditable purpose; and

(c) you *apply the goods solely to private or domestic use.

(2) The amount of the increasing adjustment is an amount equal to the amount of the input tax credit to which you were entitled for the acquisition or importation, taking account of any *adjustments for the acquisition or importation.

(3) However, this section does not apply if you have previously had an adjustment under Division 129 for the acquisition or importation.