A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 66.1 What this Division is about

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 66.1

This Division allows you to claim input tax credits for your acquisitions of second - hand goods, even though GST was not payable on the supply of the goods to you. However, some limitations apply, and a form of global accounting is used for some acquisitions of second - hand goods that are divided for re - supply.