Document ID: chunk:federal_register_of_legislation:C2025C00126:section:7:p56
Version: federal_register_of_legislation:C2025C00126
Segment Type: section
Provision Reference: s 7 (pt 56/63)
Character Range: 381382–383992

is not a *taxable supply does not stop the acquisition being a *creditable acquisition.
 (2) However, this section does not apply, and is taken never to have applied, to the acquisition if:
 (a) the supply of the goods to you was a *taxable supply, or was *GST‑free; or
 (b) you *imported the goods; or
 (c) the supply of the goods to you was a supply by way of hire; or
 (d) Subdivision 66‑B applies to the acquisition; or
 (e) you make a supply of the goods that is not a taxable supply.
 (3) This section has effect despite section 11‑5 (which is about what is a creditable acquisition).

66‑10  Amounts of input tax credits for creditable acquisitions of second‑hand goods
 (1) The amount of the input tax credit for a *creditable acquisition of *second‑hand goods for which the *consideration is more than $300 is:
 (a) an amount equal to 1/11 of the *consideration that you provide, or are liable to provide, for the acquisition; or
 (b) if that amount is more than the amount of the GST payable on a *taxable supply of the goods that you make—the amount of GST on that taxable supply.
 (1A) The amount of the input tax credit for a *creditable acquisition of *second‑hand goods for which the *consideration is $300 or less is an amount equal to 1/11 of the *consideration that you provide, or are liable to provide, for the acquisition.
 (2) However, this section does not apply if the supply of the goods to you is a *taxable supply.
 (3) This section has effect despite section 11‑25 (which is about the amount of input tax credits for creditable acquisitions).

66‑15  Attributing input tax credits for creditable acquisitions of second‑hand goods
 (1) If:
 (a) you are entitled, under this Division, to the input tax credit for a *creditable acquisition of *second‑hand goods; and
 (b) either the *consideration for the acquisition was more than $300 or you choose to have this section apply to the acquisition;
the input tax credit for the acquisition is attributable to:
 (c) the tax period in which any *consideration is received for a subsequent *taxable supply of the goods; or
 (d) if, before any of the consideration is received, you have issued an *invoice relating to the supply—the tax period in which the invoice is issued.
 (2) However, if you *account on a cash basis, then:
 (a) if, in a tax period, all of the *consideration is received for the subsequent *taxable supply—the input tax credit for the acquisition is attributable to that tax period; or
 (b) if, in a tax period, part of the consideration is received—the input tax credit for the acquisition is attributable to that tax