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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 66.17 Records of creditable acquisitions of second - hand goods

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 66.17

Records of creditable acquisitions of second - hand goods

  (1)   If you make a * creditable acquisition of second - hand goods and the supply of the goods to you was not a * taxable supply:

  (a)   subsection   29 - 10(3) applies to the acquisition as if references to a * tax invoice were references to a record you prepared that complies with this section; and

  (b)   subsection   29 - 20(3) applies to an adjustment event relating to the acquisition as if references to an * adjustment note were references to a record you prepared that complies with this section.

  (2)   To comply with this section, the record must:

  (a)   set out the name and address of the entity that supplied the goods to you; and

  (b)   describe the goods (including their quantity); and

  (c)   set out the date of, and the * consideration for, the acquisition.

  (2A)   Subsection   29 - 10(3) does not apply to a * creditable acquisition of * second - hand goods if:

  (a)   the supply to which the acquisition relates is not a * taxable supply; and

  (b)   the amount that would have been the * value of the supply (if it had been a * taxable supply) does not exceed $50, or such higher amount as the regulations made for the purposes of subsection   29 - 80(1) specify.

  (2B)   Subsection   29 - 20(3) does not apply to a * decreasing adjustment relating to a * creditable acquisition of * second - hand goods if:

  (a)   the supply to which the acquisition relates is not a * taxable supply; and

  (b)   the amount of the adjustment does not exceed $50, or such higher amount as the regulations made for the purposes of subsection   29 - 80(2) specify.

  (3)   This section has effect despite section   29 - 10 (which is about attributing the input tax credits for creditable acquisitions) and section   29 - 20 (which is about attributing decreasing adjustments).

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