51‑115 Changes in extent of creditable p51‑115 Changes in extent of creditable purpose after you cease to be a member of a GST joint venture

51‑115 Changes in extent of creditable purpose after you cease to be a member of a GST joint venture

(1) If: (a) while you were a *participant in a *GST joint venture, you acquired or imported a thing by the joint venture operator acquiring or importing it on your behalf; and (b) you cease to be a participant in the GST joint venture; then, when applying section 129‑40 for the first time after that cessation, the *intended or former application of the thing is the extent of *creditable purpose last used to work out: (c) under section 51‑35, the amount of the input tax credit to which the *joint venture operator was entitled for the acquisition or importation; or (d) under section 51‑40, the amount of any *adjustment the joint venture operator had under Division 129 in relation to the acquisition or importation. (2) If: (a) while you were a *participant in a *GST joint venture, you acquired or imported a thing by the joint venture operator acquiring or importing it on your behalf; and (b) you have ceased to be a participant in the GST joint venture; and (c) you have an *adjustment under Division 129 in relation to the acquisition or importation; then, for the purposes of working out the full input tax credit in section 129‑70 or 129‑75, you are taken not to have been a participant of a GST joint venture when you acquired or imported the thing.