Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 60.15

  (1)   An acquisition that you make is a pre - establishment acquisition , and an importation that you make is a pre - establishment importation , if:

  (a)   you do not * apply the thing acquired or imported for any purpose other than for a * creditable purpose relating to a * company not yet in existence; and

  (b)   the company comes into existence, and becomes * registered, within 6 months after the acquisition or importation; and

  (c)   you become a member, officer or employee of the company; and

  (d)   in the case of an acquisition--you have been fully reimbursed by the company for the * consideration you provided for the acquisition; and

  (e)   in the case of an importation--you have been fully reimbursed by the company:

  (i)   for the * assessed GST paid on the importation; and

  (ii)   for the cost of acquiring or producing the thing imported.

  (2)   However, the acquisition or importation is not a pre - establishment acquisition or a pre - establishment importation if:

  (a)   you are entitled to an input tax credit for the acquisition or importation; or

  (b)   the company acquires the thing acquired or imported, and that acquisition by the company is a * creditable acquisition.