Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An importation made by a * limited registration entity is not a * creditable importation if an election under subsection 146 - 5(2) is in effect for the entity when the importation is made.
(2) However, subsection (1) does not apply, and is taken never to have applied, to the importation if you revoke the election under subsection 146 - 5(5) during:
(a) the * financial year in which the importation is made; or
(b) the next financial year.
(3) This section has effect despite section 15 - 5 (which is about what is a creditable importation).