A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 66.15 Attributing input tax credits for creditable acquisitions of second - hand goods

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 66.15

  (1)   If:

  (a)   you are entitled, under this Division, to the input tax credit for a * creditable acquisition of * second - hand goods; and

  (b)   either the * consideration for the acquisition was more than $300 or you choose to have this section apply to the acquisition;

the input tax credit for the acquisition is attributable to:

  (c)   the tax period in which any * consideration is received for a subsequent * taxable supply of the goods; or

  (d)   if, before any of the consideration is received, you have issued an * invoice relating to the supply--the tax period in which the invoice is issued.

  (2)   However, if you * account on a cash basis, then:

  (a)   if, in a tax period, all of the * consideration is received for the subsequent * taxable supply--the input tax credit for the acquisition is attributable to that tax period; or

  (b)   if, in a tax period, part of the consideration is received--the input tax credit for the acquisition is attributable to that tax period, but only to the extent that the consideration is received in that tax period; or

  (c)   if, in a tax period, none of the consideration is received--none of the input tax credit for the acquisition is attributable to that tax period.

  (4)   This section has effect despite section   29 - 10 (which is about attributing the input tax credits for creditable acquisitions).