A NEW TAX SYSTEM (WINE EQUALISATION TAX AND LUXURY CAR TAX TRANSITION) ACT 1999 - SECT 3 Special GST credit for sales tax paid on stock

Commonwealth Numbered Acts

Special GST credit for sales tax paid on stock

(a): you are registered as at 1 July 2000; and
(b): you have on hand, at the start of 1 July 2000, wine you acquired or imported that is held for the purposes of sale or exchange (but not for manufacture) in the ordinary course of business.

(2): However, this section does not apply to second-hand goods.
(3): The amount of the special credit is equal to ¹²/41 of the amount of sales tax that you have borne in respect of the wine.
(4): The special credit is treated as though it were an input tax credit attributable to any one tax period of your choice. However, you are not entitled to it unless you separately identify it in a GST return that you lodge before 22 January 2001.
(5): The Commissioner may make a written ruling determining methods for working out the amount of sales tax that you have borne in respect of specified wine in cases where that amount is not readily ascertainable.

: Note: Wine may be specified by name, by inclusion in a specified class or in any other way.

"wine" has the meaning given by Subdivision 31-A of the A New Tax System (Wine Equalisation Tax) Act 1999 .

(7): Other expressions in this section have the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 .

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