Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 60.5

             (1)  If you make a * creditable acquisition that is a * pre-establishment acquisition, or a * creditable importation that is a * pre-establishment importation, relating to a * company before it is in existence:

                     (a)  you are not entitled to the input tax credit on the acquisition or importation; and

                     (b)  once the company is in existence, it is entitled to the input tax credit on the acquisition or importation.

             (2)  This section has effect despite sections 11-20 and 15-15 (which are about who is entitled to input tax credits).