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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 63.40 Effect on adjustments of becoming a non - profit sub - entity

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 63.40

Effect on adjustments of becoming a non - profit sub - entity

  (1)   If a branch of an entity becomes a * non - profit sub - entity, any * adjustment arising afterwards in relation to a supply, acquisition or importation, made by the entity through the branch before it became a non - profit sub - entity:

  (a)   is taken to be an adjustment that the non - profit sub - entity has, as if the non - profit sub - entity had made the supply, acquisition or importation; and

  (b)   is not taken to be an adjustment that the entity has.

  (2)   For the purpose of applying subsection   (1) to an adjustment under Division   129 relating to a thing acquired or imported before the branch became a * non - profit sub - entity, that Division applies as if:

  (a)   the extent to which the acquisition or importation of the thing was for a * creditable purpose were the extent to which the non - profit sub - entity acquired or imported it for a creditable purpose; and

  (b)   the extent to which the thing has been * applied for a creditable purpose since its acquisition or importation were the extent to which the non - profit sub - entity applied it for a creditable purpose.

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