66‑17 Records of creditable acquisitions66‑17 Records of creditable acquisitions of second‑hand goods

66‑17 Records of creditable acquisitions of second‑hand goods

(1) If you make a *creditable acquisition of second‑hand goods and the supply of the goods to you was not a *taxable supply: (a) subsection 29‑10(3) applies to the acquisition as if references to a *tax invoice were references to a record you prepared that complies with this section; and (b) subsection 29‑20(3) applies to an adjustment event relating to the acquisition as if references to an *adjustment note were references to a record you prepared that complies with this section. (2) To comply with this section, the record must: (a) set out the name and address of the entity that supplied the goods to you; and (b) describe the goods (including their quantity); and (c) set out the date of, and the *consideration for, the acquisition. (2A) Subsection 29‑10(3) does not apply to a *creditable acquisition of *second‑hand goods if: (a) the supply to which the acquisition relates is not a *taxable supply; and (b) the amount that would have been the *value of the supply (if it had been a *taxable supply) does not exceed $50, or such higher amount as the regulations made for the purposes of subsection 29‑80(1) specify. (2B) Subsection 29‑20(3) does not apply to a *decreasing adjustment relating to a *creditable acquisition of *second‑hand goods if: (a) the supply to which the acquisition relates is not a *taxable supply; and (b) the amount of the adjustment does not exceed $50, or such higher amount as the regulations made for the purposes of subsection 29‑80(2) specify. (3) This section has effect despite section 29‑10 (which is about attributing the input tax credits for creditable acquisitions) and section 29‑20 (which is about attributing decreasing adjustments).