Document ID: chunk:federal_register_of_legislation:C2025C00126:section:7:p50
Version: federal_register_of_legislation:C2025C00126
Segment Type: section
Provision Reference: s 7 (pt 50/63)
Character Range: 366159–368965

or *required to be registered does not stop the acquisition being a *creditable acquisition.
 (2) If you make a *pre‑establishment importation, the fact that you are not *registered or *required to be registered does not stop the acquisition being a *creditable importation.
 (3) This section has effect despite sections 11‑5 and 15‑5 (which are about what are creditable acquisitions and creditable importations).

60‑15  Pre‑establishment acquisitions and importations
 (1) An acquisition that you make is a pre‑establishment acquisition, and an importation that you make is a pre‑establishment importation, if:
 (a) you do not *apply the thing acquired or imported for any purpose other than for a *creditable purpose relating to a *company not yet in existence; and
 (b) the company comes into existence, and becomes *registered, within 6 months after the acquisition or importation; and
 (c) you become a member, officer or employee of the company; and
 (d) in the case of an acquisition—you have been fully reimbursed by the company for the *consideration you provided for the acquisition; and
 (e) in the case of an importation—you have been fully reimbursed by the company:
 (i) for the *assessed GST paid on the importation; and
 (ii) for the cost of acquiring or producing the thing imported.
 (2) However, the acquisition or importation is not a pre‑establishment acquisition or a pre‑establishment importation if:
 (a) you are entitled to an input tax credit for the acquisition or importation; or
 (b) the company acquires the thing acquired or imported, and that acquisition by the company is a *creditable acquisition.

60‑20  Creditable purpose
 (1) If, before a *company is in existence, you make an acquisition or importation:
 (a) for the purpose of bringing the company into existence; or
 (b) for the purpose of the company *carrying on an *enterprise after it is in existence;
you acquire or import the thing for a creditable purpose only to the extent that you acquire or import it for either or both of those purposes.
 (2) However, you do not acquire or import the thing for a creditable purpose to the extent that:
 (a) the acquisition or importation relates (directly or indirectly) to the company making supplies that would be *input taxed; or
 (b) the acquisition or importation is of a private or domestic nature.
 (3) An acquisition or importation is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be *input taxed to the extent that the supply is made through an *enterprise, or a part of an enterprise, that the company will *carry on outside the indirect tax zone.
 (4) This section has effect despite sections 11‑15 and 15‑10 (which are about creditable purpose).

60‑25  Attributing the input tax credit for pre‑establishment