Commonwealth legislation

A New Tax System (Goods and Services Tax) Act 1999 Rules for Applying Subdivision 66-B Determination (No.31) 2015

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

4/10 complexity

This ruling lets businesses that buy used goods from private sellers claim GST credits even though no GST was charged, provided they opt in, total the credits separately, and apply a specified formula when reselling.

It mainly affects second‑hand dealers and used car yards and only covers goods listed in the determination, excluding certain acquisitions.

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Current sections

Direct links to the current provisions in A New Tax System (Goods and Services Tax) Act 1999 Rules for Applying Subdivision 66-B Determination (No.31) 2015.

Acquisitions of second-hand goods to whi

Acquisitions of second-hand goods to which Subdivision 66-B applies under this determination

Subdivision 66-B will apply to acquisitions of second-hand goods of a kind specified in Clause 6, other than those acquisitions excluded from this determination by Clause 5, to the extent that the entity chooses that the acquisitions will be covered by Subdivision 66-B, providing:

(g) the input tax credit attributable to the acquisition is added to the entity’s total Subdivision 66-B credit amount; and

(h) the GST payable on the subsequent supply of the goods is calculated in accordance with sections 66-45 and 66-50 of the Act.

Definitions

The following expression is defined for the purposes of this determination:

The Act means the A New Tax System (Goods and Services Tax) Act 1999.

Other expressions in this determination have the same meaning as in the Act.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

Acquisitions of second-hand goods to whi Acquisitions of second-hand goods to which Subdivision 66-B applies under this determination