A NEW TAX SYSTEM (GOODS AND SERVICES TAX TRANSITION) ACT 1999No. 57, 1999 - SECT 20 Phasing in input tax credits for motor vehicles etc.

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX TRANSITION) ACT 1999No. 57, 1999 - SECT 20

Phasing in input tax credits for motor vehicles etc. (1) This section applies to the acquisition or importation of:

(b) a detachable trailer designed to be towed by a prime mover of a kind prescribed in the regulations; or

(c) a body for a motor vehicle, including an insulated body, tank-body, or other body designed for transporting goods of particular kinds.

(2) You are not entitled to an input tax credit on the acquisition or importation if the acquisition or importation is made before 1 July 2001.

(3) If the acquisition or importation is made on or after 1 July 2001 but before 1 July 2002, the amount of any input tax credit you are entitled to on the acquisition or importation is reduced by 50%.

(4) This section does not apply in any of the following cases:

(b) the motor vehicle, trailer or body is second-hand;

(c) no dealing in respect of the acquisition or importation would be taxable under the sales tax law (assuming sales tax had not been ended by the A New Tax System (End of Sales Tax) Act 1999 and by section 8 of this Act);

(d) you are an insurer and, in settling a claim, you acquire the motor vehicle, trailer or body to replace an insured motor vehicle, trailer or body.

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