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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 86.5 "Reverse charge" on supplies of goods consisting of valuable metal

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 86.5

"Reverse charge" on supplies of goods consisting of valuable metal

  (1)   The GST on a * taxable supply of goods is payable by the * recipient of the supply, and is not payable by the supplier, if:

  (a)   the goods consist wholly or partly of * valuable metal; and

  (b)   the recipient is * registered or * required to be registered; and

  (c)   either:

  (i)   at the time of the supply, the market value of the goods does not exceed the * valuable metal threshold; or

  (ii)   the supplier and the recipient agree, in writing, that the GST on the supply be payable by the recipient.

  (2)   Subsection   (1) does not apply to a * taxable supply of goods if the supply is in a class of supplies determined under subsection   (3).

Determination

  (3)   For the purposes of subsection   (2), the Commissioner may, by legislative instrument, determine that subsection   (1) does not apply to a specified class of supplies.

  (4)   In making a determination under subsection   (3), the Commissioner may have regard to the following:

  (a)   the likelihood that * recipients and suppliers of that class of supply will otherwise comply with their obligations under the * GST law, and the risk of GST not being paid on * taxable supplies in that class if recipients do not pay the GST;

  (b)   the costs for recipients and suppliers of that class of supplies to comply with subsection   (1);

  (c)   any other relevant matters.

Effect of this section on other sections

  (5)   This section has effect despite sections   9 - 40 (which is about liability for the GST), 48 - 40, 51 - 30 and 83 - 5 (which are about who is liable for GST).

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