66‑10 Amounts of input tax credits for c66‑10 Amounts of input tax credits for creditable acquisitions of second‑hand goods

66‑10 Amounts of input tax credits for creditable acquisitions of second‑hand goods

(1) The amount of the input tax credit for a *creditable acquisition of *second‑hand goods for which the *consideration is more than $300 is: (a) an amount equal to 1/11 of the *consideration that you provide, or are liable to provide, for the acquisition; or (b) if that amount is more than the amount of the GST payable on a *taxable supply of the goods that you make—the amount of GST on that taxable supply. (1A) The amount of the input tax credit for a *creditable acquisition of *second‑hand goods for which the *consideration is $300 or less is an amount equal to 1/11 of the *consideration that you provide, or are liable to provide, for the acquisition. (2) However, this section does not apply if the supply of the goods to you is a *taxable supply. (3) This section has effect despite section 11‑25 (which is about the amount of input tax credits for creditable acquisitions).