Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 48.115

  (1)   If:

  (a)   either:

  (i)   while you were a * member of a * GST group (the first GST group ), you acquired a thing (other than from another member of that group) or imported a thing; or

  (ii)   you acquired or imported a thing while you were not a member of any GST group, and you subsequently became a member of a GST group (the first GST group ) while you still held the thing; and

  (b)   you cease to be a member of the first GST group;

then, when applying section   129 - 40 for the first time after that cessation, the * intended or former application of the thing is the extent of * creditable purpose last used to work out:

  (c)   the amount of the input tax credit to which you or the * representative member was entitled for the acquisition or importation; or

  (d)   the amount of any * adjustment you or the representative member had under Division   129 in relation to the thing.

  (2)   If:

  (a)   while you were a * member of a * GST group (the first GST group ), you acquired a thing (other than from another member of that group) or imported a thing; and

  (b)   you have ceased to be a member of the first GST group; and

  (c)   you have an * adjustment under Division   129 in relation to the thing, or the * representative member of another GST group of which you are a * member has that adjustment;

then, for the purposes of working out the full input tax credit in section   129 - 70 or 129 - 75, you are taken not to have been a member of a GST group when you acquired or imported the thing.

Table of Subdivisions

49 - A   Approval of GST religious groups

49 - B   Consequences of approval of GST religious groups

49 - C   Administrative matters