48‑55 GST groups treated as single entit48‑55 GST groups treated as single entities for certain purposes

48‑55 GST groups treated as single entities for certain purposes

(1) Despite sections 48‑45 and 48‑50, a *GST group is treated as a single entity, and not as a number of entities corresponding to the *members of the GST group, for the purposes of working out: (a) the amounts of any input tax credits to which the *representative member is entitled; and (b) whether the representative member has any *adjustments; and (c) the amounts of any such adjustments. (1A) If: (a) while you were not a *member of any *GST group, you acquired or imported a thing; and (b) you become a member of a GST group at a time when you still hold the thing; then, when the *representative member of the GST group applies section 129‑40 for the first time after you became a member of the GST group, the *intended or former application of the thing is the extent of *creditable purpose last used to work out: (c) the amount of the input tax credit to which you were entitled for the acquisition or importation; or (d) the amount of any *adjustment you had under Division 129 in relation to the thing; as the case requires. (2) This section has effect despite section 11‑25 (which is about the amount of input tax credits) and section 17‑10 (which is about the effect of adjustments on net amounts).