60‑20 Creditable purpose60‑20 Creditable purpose

60‑20 Creditable purpose

(1) If, before a *company is in existence, you make an acquisition or importation: (a) for the purpose of bringing the company into existence; or (b) for the purpose of the company *carrying on an *enterprise after it is in existence; you acquire or import the thing for a creditable purpose only to the extent that you acquire or import it for either or both of those purposes. (2) However, you do not acquire or import the thing for a creditable purpose to the extent that: (a) the acquisition or importation relates (directly or indirectly) to the company making supplies that would be *input taxed; or (b) the acquisition or importation is of a private or domestic nature. (3) An acquisition or importation is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be *input taxed to the extent that the supply is made through an *enterprise, or a part of an enterprise, that the company will *carry on outside the indirect tax zone. (4) This section has effect despite sections 11‑15 and 15‑10 (which are about creditable purpose).