7AIndirect tax concession scheme—acquisitions

7A Indirect tax concession scheme—acquisitions

(1) For paragraph 11C(1)(a) of the Act, acquisitions by the Bank are covered by these Regulations. (2) However, an acquisition by the Bank is covered by these Regulations only if, at the time of the acquisition, it was intended for the official use of the Bank. (3) For paragraph 11C(1)(a) of the Act, the acquisition of a locally-manufactured motor vehicle by a person who holds an office in the Bank, for the personal use of the person or of a member of the family of the person, is covered by these Regulations if: (a) the vehicle is acquired within the first 6 months of the person’s installation in Australia and the person has not previously received: (i) a concession under section 11C of the Act for the acquisition of another motor vehicle; or (ii) an exemption from indirect tax under section 11B of the Act on the importation of another motor vehicle; or (b) the vehicle is acquired in exceptional circumstances to replace a motor vehicle for which the person received: (i) a concession under section 11C of the Act; or (ii) an exemption from indirect tax under section 11B of the Act. (4) In paragraph (3)(b):

exceptional circumstances, in relation to the replacement of a motor vehicle, includes the original vehicle being stolen or damaged beyond repair.

Note: Section 11C of the Act establishes an indirect tax concession scheme that provides for reimbursement by the Commissioner of Taxation of indirect tax payable for acquisitions covered by these Regulations.