Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 51.115

             (1)  If:

                     (a)  while you were a * participant in a * GST joint venture, you acquired or imported a thing by the joint venture operator acquiring or importing it on your behalf; and

                     (b)  you cease to be a participant in the GST joint venture;

then, when applying section 129-40 for the first time after that cessation, the * intended or former application of the thing is the extent of * creditable purpose last used to work out:

                     (c)  under section 51- 35, the amount of the input tax credit to which the * joint venture operator was entitled for the acquisition or importation; or

                     (d)  under section 51-40, the amount of any * adjustment the joint venture operator had under Division 129 in relation to the acquisition or importation.

             (2)  If:

                     (a)  while you were a * participant in a * GST joint venture, you acquired or imported a thing by the joint venture operator acquiring or importing it on your behalf; and

                     (b)  you have ceased to be a participant in the GST joint venture; and

                     (c)  you have an * adjustment under Division 129 in relation to the acquisition or importation;

then, for the purposes of working out the full input tax credit in section 129-70 or 129- 75, you are taken not to have been a participant of a GST joint venture when you acquired or imported the thing.

Table of Subdivisions

54-A     Registration of GST branches

54-B      Consequences of registration of GST branches

54-C      Cancellation of registration of GST branches