Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 71.10

             (1)  An importation that solely or partly relates to making supplies that are * input taxed is not a * creditable importation if:

                     (a)  the importation would (but for this section) be an importation of a kind referred to in paragraph 149A(2)(b) of the Fringe Benefits Tax Assessment Act 1986 ; and

                     (b)  the importation specifically relates to the provision of a particular benefit (within the meaning of that Act) in respect of which * fringe benefits tax is or will be payable.

             (2)  However, this section does not apply to an importation if:

                     (a)  the only reason it relates to making supplies that are * input taxed is because it relates to making * financial supplies; and

                     (b)  you do not * exceed the financial acquisitions threshold.

             (3)  This section has effect despite section 15-5 (which is about what is a creditable importation).

Table of Subdivisions

72-A     Supplies without consideration

72-B      Acquisitions without consideration

72-C      Supplies for inadequate consideration

72-D     Application of this Division to certain sub-entities