Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 66.50

             (1)  The amount of GST on a * taxable supply you make is reduced 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 amount were not reduced under this section, is more than 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)  The amount by which the GST on the supply is reduced is an amount equal to the difference between:

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

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

             (3)  This section has effect despite section 9-70 (which is about the amount of GST on taxable supplies).

Note:          Section 9-90 (rounding of amounts of GST) can apply to amounts of GST worked out using this section.