Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 66.45

  (1)   A supply you make is not a * taxable supply if:

  (a)   it is a supply of goods that were part of an acquisition you made that was an acquisition of * second - hand goods to which this Subdivision applied; and

  (b)   your * total Subdivision   66 - B credit amount is more than your * total Subdivision   66 - B GST amount; and

  (c)   what would be the amount of GST payable on the supply, if the supply were a taxable supply, is less than or equal to the difference between:

  (i)   your * total Subdivision   66 - B credit amount; and

  (ii)   your * total Subdivision   66 - B GST amount.

Note:   This section will not apply unless the record keeping requirements of section   66 - 55 are met.

  (2)   This section has effect despite section   9 - 5 (which is about what are taxable supplies).