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A New Tax System (Goods and Services Tax) Act 1999
66‑65 Total Subdivision 66‑B credit amou66‑65 Total Subdivision 66‑B credit amounts and Subdivision 66‑B GST amounts
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66‑65 Total Subdivision 66‑B credit amounts and Subdivision 66‑B GST amounts
(1) Your total Subdivision 66‑B credit amount is the sum of the amounts of the input tax credits to which you would have been entitled, for all your acquisitions of *second‑hand goods to which this Subdivision applied, if this Subdivision had not applied to them. (2) Your total Subdivision 66‑B GST amount is the sum of: (a) all the amounts of GST that, but for the operation of section 66‑45, would have been payable on supplies that you made; and (b) all the amounts by which GST payable on supplies that you made has been reduced under section 66‑50.