Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 60.5

  (1)   If you make a * creditable acquisition that is a * pre - establishment acquisition, or a * creditable importation that is a * pre - establishment importation, relating to a * company before it is in existence:

  (a)   you are not entitled to the input tax credit on the acquisition or importation; and

  (b)   once the company is in existence, it is entitled to the input tax credit on the acquisition or importation.

  (2)   This section has effect despite sections   11 - 20 and 15 - 15 (which are about who is entitled to input tax credits).