(1) This Division does not apply to anything included in the assets of an entity whose * registration is cancelled, to the extent that the thing relates to an * enterprise that the entity * carried on before the cancellation, if:
(a) the cancellation arises as a result of the death of the entity, and the executor or trustee of the deceased estate:
(i) is registered or is * required to be registered; and
(ii) continues, immediately after the cancellation, to carry on that enterprise; or
(b) the cancellation arises as a result of the executor or trustee of a deceased estate ceasing to carry on any enterprise, and one or more beneficiaries of the deceased estate:
(i) are registered or is * required to be registered; and
(ii) continue, immediately after the cancellation, to carry on the enterprise that the deceased had carried on.
(2) Division 129 (which is about changes in the extent of creditable purpose) continues to apply to the acquisition or importation of the thing immediately after the cancellation if:
(a) Subdivision 129-A does not prevent an adjustment arising under that Division for the acquisition or importation; and
(b) the cancellation occurs during an * adjustment period for the acquisition or importation.
(3) For the purposes of applying Division 129 to the acquisition or importation after the cancellation:
(a) the entity * carrying on the * enterprise in question immediately after the cancellation is taken to have made the acquisition or importation at the time it was originally made; and
(b) the extent (if any) to which the thing was originally acquired or imported for a * creditable purpose is taken to be the extent (if any) to which the entity acquired or imported the thing for a creditable purpose; and
(c) any * application of the thing since the original acquisition or importation is taken to be an application of the thing by the entity.