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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.

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