A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 60.5 Input tax credit for acquisitions and importations before establishment
A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 60.5
Input tax credit for acquisitions and importations before establishment(1) If you make a * creditable acquisition that is a * pre - establishment acquisition, or a * creditable importation that is a * pre - establishment importation, relating to a * company before it is in existence:
(a) you are not entitled to the input tax credit on the acquisition or importation; and
(b) once the company is in existence, it is entitled to the input tax credit on the acquisition or importation.
(2) This section has effect despite sections 11 - 20 and
15 - 15 (which are about who is entitled to input tax credits).