Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 51.115

  (1)   If:

  (a)   while you were a * participant in a * GST joint venture, you acquired or imported a thing by the joint venture operator acquiring or importing it on your behalf; and

  (b)   you cease to be a participant in the GST joint venture;

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)   under section   51 - 35, the amount of the input tax credit to which the * joint venture operator was entitled for the acquisition or importation; or

  (d)   under section   51 - 40, the amount of any * adjustment the joint venture operator had under Division   129 in relation to the acquisition or importation.

  (2)   If:

  (a)   while you were a * participant in a * GST joint venture, you acquired or imported a thing by the joint venture operator acquiring or importing it on your behalf; and

  (b)   you have ceased to be a participant in the GST joint venture; and

  (c)   you have an * adjustment under Division   129 in relation to the acquisition or importation;

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 participant of a GST joint venture when you acquired or imported the thing.

Table of Subdivisions

54 - A   Registration of GST branches

54 - B   Consequences of registration of GST branches

54 - C   Cancellation of registration of GST branches