9Indirect tax concession scheme—conditions

9 Indirect tax concession scheme—conditions

(1) For paragraph 11C(3)(a) of the Act, the amount mentioned in subsection 11C(1) of the Act is payable to the Bank only if the following conditions are satisfied: (a) the Bank has entered into a written agreement with the Commonwealth to repay to the Commonwealth the amount worked out under subsection (3) if: (i) for a payment in relation to an acquisition of a motor vehicle—the Bank disposes of the motor vehicle (except to a person entitled to an indirect tax concession under another law of the Commonwealth in relation to similar acquisitions) in Australia or an external Territory within 3 years after it was acquired; or (ii) for a payment in relation to an acquisition of goods other than a motor vehicle—the Bank disposes of the goods (except to a person entitled to an indirect tax concession under another law of the Commonwealth in relation to similar acquisitions) in Australia or an external Territory within 2 years after the goods were acquired; or (iii) for a payment in relation to an acquisition of services—the Bank assigns the services to another person (except to a person entitled to an indirect tax concession under another law of the Commonwealth in relation to similar acquisitions) in Australia or an external Territory; or (iv) for a payment in relation to any other acquisition—the Bank assigns the thing acquired to another person (except to a person entitled to an indirect tax concession under another law of the Commonwealth in relation to similar acquisitions) in Australia or an external Territory; (b) if the Bank has breached a previous agreement under paragraph (a)—the Bank complies with any written requirements, including a requirement to give security, that the Minister considers necessary to ensure that the Bank complies with the agreement. (2) For subparagraphs (1)(a)(i) and (ii): (a) a sale of goods to a finance company as part of a sale and lease‑back arrangement is not a disposal of the goods; and (b) the Bank is taken to have disposed of goods to which one of those subparagraphs applies within the period mentioned in that subparagraph to a person who is not entitled to an indirect tax concession in relation to similar acquisitions if: (i) the Bank disposes of the goods to a person who is entitled to the concession; and (ii) that person disposes of the goods to another person; and (iii) the series of disposals of the goods to other persons continues (if necessary) until the goods are eventually acquired, within the period mentioned in that paragraph, by a person who is not entitled to the concession. (3) For paragraph (1)(a), the amount to be repaid is: (a) for an acquisition to which subparagraph (1)(a)(i) or (ii) applies—the proportion of the amount paid under section 11C of the Act in relation to the acquisition that is equal to the proportion of the period mentioned in that subparagraph remaining after the Bank disposes of the goods; and (b) for an acquisition to which subparagraph (1)(a)(iii) or (iv) applies—the amount paid under section 11C of the Act in relation to the acquisition. (4) However, for an acquisition to which subparagraph (1)(a)(i) or (ii) applies, the Bank is not required to repay an amount paid under section 11C of the Act in relation to a lease payment that relates to a period before the Bank disposes of the goods. (5) The amount mentioned in subsection 11C(1) of the Act is not payable if: (a) an amount was payable for a similar acquisition; and (b) the Minister tells the Bank in writing that, in his or her opinion, the Bank’s reasonable needs were met by that acquisition.