Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 66.65

  (1)   Your total Subdivision   66 - B credit amount is the sum of the amounts of the input tax credits to which you would have been entitled, for all your acquisitions of * second - hand goods to which this Subdivision applied, if this Subdivision had not applied to them.

  (2)   Your total Subdivision   66 - B GST amount is the sum of:

  (a)   all the amounts of GST that, but for the operation of section   66 - 45, would have been payable on supplies that you made; and

  (b)   all the amounts by which GST payable on supplies that you made has been reduced under section   66 - 50.