A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 72.40 Creditable acquisitions without consideration
A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 72.40
Creditable acquisitions without consideration(1) The fact that an acquisition from your * associate is without * consideration does not stop the acquisition being a * creditable acquisition if you acquire the thing supplied otherwise than solely for a * creditable purpose.
(2) This section has effect despite paragraph 11 - 5(c) (which would otherwise require a creditable acquisition to be for consideration).
(3) However, this section does not apply to any acquisition that
is constituted by an insurer settling a claim under an * insurance policy or
by an * operator settling a claim under a * compulsory third party scheme.