Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 66.10

  (1)   The amount of the input tax credit for a * creditable acquisition of * second - hand goods for which the * consideration is more than $300 is:

  (a)   an amount equal to 1 / 11 of the * consideration that you provide, or are liable to provide, for the acquisition; or

  (b)   if that amount is more than the amount of the GST payable on a * taxable supply of the goods that you make--the amount of GST on that taxable supply.

  (1A)   The amount of the input tax credit for a * creditable acquisition of * second - hand goods for which the * consideration is $300 or less is an amount equal to 1 / 11 of the * consideration that you provide, or are liable to provide, for the acquisition.

  (2)   However, this section does not apply if the supply of the goods to you is a * taxable supply.

  (3)   This section has effect despite section   11 - 25 (which is about the amount of input tax credits for creditable acquisitions).