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A NEW TAX SYSTEM (GOODS AND SERVICES TAX TRANSITION) ACT 1999No. 57, 1999 - SECT 17
Stock later applied for private or domestic purpose
(1) If:
(a) you have on hand, at the start of 1 July 2000, assessable goods
that are held for the purposes of sale or exchange (but not for manufacture)
in the ordinary course of business; and
(b) on or after 1 July 2000, you apply the goods to any extent for a
private or domestic purpose; and
(c) you are registered, or required to be registered, when you apply the
goods;
you are taken, for the purposes of the GST law, to have made a
taxable supply that is attributable to the tax period during which you
apply the goods.
(2) The value of the supply is the market value of the goods (to the extent
that they are applied for that purpose) when they were applied.
(3) If:
(a) you have on hand, at the start of 1 July 2000, assessable goods
that are held for the purposes of sale or exchange (but not for manufacture)
in the ordinary course of business; and
(b) on or after 1 July 2000, you cease to be registered; and
(c) you still hold the goods at the time of the cessation;
you are taken,
for the purposes of the GST law, to have made a taxable supply that is
attributable to the tax period that was in progress immediately before
the cessation.
(4) The value of the supply is the market value of the goods as at the time of
the cessation.
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