Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 66.45

             (1)  A supply you make is not a * taxable supply if:

                     (a)  it is a supply of goods that were part of an acquisition you made that was an acquisition of * second-hand goods to which this Subdivision applied; and

                     (b)  your * total Subdivision 66-B credit amount is more than your * total Subdivision 66-B GST amount; and

                     (c)  what would be the amount of GST payable on the supply, if the supply were a taxable supply, is less than or equal to the difference between:

                              (i)  your * total Subdivision 66-B credit amount; and

                             (ii)  your * total Subdivision 66-B GST amount.

Note:          This section will not apply unless the record keeping requirements of section 66- 55 are met.

             (2)  This section has effect despite section 9-5 (which is about what are taxable supplies).