A New Tax System (Goods and Services Tax) Act 1999
60‑15 Pre‑establishment acquisitions and60‑15 Pre‑establishment acquisitions and importations
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60‑15 Pre‑establishment acquisitions and importations
(1) An acquisition that you make is a pre‑establishment acquisition, and an importation that you make is a pre‑establishment importation, if: (a) you do not *apply the thing acquired or imported for any purpose other than for a *creditable purpose relating to a *company not yet in existence; and (b) the company comes into existence, and becomes *registered, within 6 months after the acquisition or importation; and (c) you become a member, officer or employee of the company; and (d) in the case of an acquisition—you have been fully reimbursed by the company for the *consideration you provided for the acquisition; and (e) in the case of an importation—you have been fully reimbursed by the company: (i) for the *assessed GST paid on the importation; and (ii) for the cost of acquiring or producing the thing imported. (2) However, the acquisition or importation is not a pre‑establishment acquisition or a pre‑establishment importation if: (a) you are entitled to an input tax credit for the acquisition or importation; or (b) the company acquires the thing acquired or imported, and that acquisition by the company is a *creditable acquisition.