A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 48.55 GST groups treated as single entities for certain purposes

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 48.55

  (1)   Despite sections   48 - 45 and 48 - 50, a * GST group is treated as a single entity, and not as a number of entities corresponding to the * members of the GST group, for the purposes of working out:

  (a)   the amounts of any input tax credits to which the * representative member is entitled; and

  (b)   whether the representative member has any * adjustments; and

  (c)   the amounts of any such adjustments.

  (1A)   If:

  (a)   while you were not a * member of any * GST group, you acquired or imported a thing; and

  (b)   you become a member of a GST group at a time when you still hold the thing;

then, when the * representative member of the GST group applies section   129 - 40 for the first time after you became a member of the GST group, the * intended or former application of the thing is the extent of * creditable purpose last used to work out:

  (c)   the amount of the input tax credit to which you were entitled for the acquisition or importation; or

  (d)   the amount of any * adjustment you had under Division   129 in relation to the thing;

as the case requires.

  (2)   This section has effect despite section   11 - 25 (which is about the amount of input tax credits) and section   17 - 10 (which is about the effect of adjustments on net amounts).