TAXATION ADMINISTRATION REGULATIONS 1976 (REPEALED)
View history note
Hide history noteFor subsection 105-125(2) in Schedule 1 to the Act, an entity of the kind specified in subregulation 21B(1) is entitled to a refund of an amount of indirect tax paid on an acquisition of the kind specified in subregulation 21C(1) if the entity has agreed in writing to repay the amount of the refund to the Commissioner in any of the following circumstances:
(a) if the entity purchased a car, and agreed to retain the car for 3 years after purchasing the car - the entity disposes of the car to an entity (other than an entity of a kind specified by subregulation 21B(1) ) before the end of 3 years after the first entity purchased the car;
(b) if the entity purchased goods other than a car - the entity disposes of the goods (other than to an entity of a kind specified by subregulation 21B(1) ) in the indirect tax zone or an External Territory before the end of 2 years after the entity purchased the goods;
(c) if the entity acquired a service - the entity assigns the entity's entitlement to the service to another entity (other than an entity of a kind specified by subregulation 21B(1) ) in the indirect tax zone or an External Territory.
21D(2)
The amount to be repaid is:
(a) for an acquisition to which paragraph (1)(a) or (b) applies - the proportion of the amount of indirect tax paid for the acquisition that is equal to the proportion of the period mentioned in the paragraph remaining after the entity disposes of the acquisition; and
(b) for an acquisition to which paragraph (1)(c) applies - the amount of indirect tax paid for the acquisition.
21D(3)
The amount of indirect tax to be refunded to an applicant is limited by the terms of the international agreement to which the entity is subject.
21D(4)
The entity must use the taxable supply acquired by the entity in accordance with the terms of the international agreement to which the entity is subject.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
