Document ID: chunk:federal_register_of_legislation:C2025C00126:clause:3_16:p34
Version: federal_register_of_legislation:C2025C00126
Segment Type: clause
Provision Reference: sch 3 cl 16 (pt 34/58)
Character Range: 723909–726625

purposes of applying Division 129 to the acquisition or importation after the cancellation:
 (a) the entity *carrying on the *enterprise in question immediately after the cancellation is taken to have made the acquisition or importation at the time it was originally made; and
 (b) the extent (if any) to which the thing was originally acquired or imported for a *creditable purpose is taken to be the extent (if any) to which the entity acquired or imported the thing for a creditable purpose; and
 (c) any *application of the thing since the original acquisition or importation is taken to be an application of the thing by the entity.

138‑20  Application of Division 129
  This Division (except subsections 138‑17(2) and (3)) does not affect the operation of Division 129 (which is about changes in the extent of creditable purpose).

Division 139—Distributions from deceased estates

139‑1  What this Division is about
      Distributions from deceased estates, for private consumption, that are not taxable supplies may involve disposing of assets that were acquired or imported in circumstances giving rise to entitlements to input tax credits. This Division provides for an increasing adjustment to cancel those input tax credits.

139‑5  Adjustments for distributions from deceased estates
 (1) You have an increasing adjustment if:
 (a) you are the executor or trustee of a deceased estate; and
 (b) you are *registered or *required to be registered; and
 (c) you supply an asset of the deceased estate to a beneficiary of the deceased estate; and
 (d) the supply is not a *taxable supply and is not a supply that is *GST‑free or *input taxed; and
 (e) you were, or are, or the deceased person was, entitled to an input tax credit for the deceased person's acquisition or importation of the asset.
Note: Increasing adjustments increase your net amounts.
 (2) The amount of the adjustment, for the asset, is as follows:

where:
applicable value is:
 (a) the *GST inclusive market value of the asset immediately before it is supplied; or
 (b) if you were, or are, or the deceased person was, entitled to an input tax credit for the deceased person acquiring the thing—the amount of the *consideration that you or the deceased person provided, or was liable to provide, for the acquisition of the thing, but only if the amount is less than that value; or
 (c) if you were, or are, or the deceased person was, entitled to an input tax credit for the deceased person importing the thing—the cost to you or the deceased person of acquiring or producing the thing (plus the *assessed GST paid on its importation), but only if the amount is less than that value.
 (3) However, an *adjustment does not arise under