Document ID: chunk:federal_register_of_legislation:F2023L00329:clause:1_6
Version: federal_register_of_legislation:F2023L00329
Segment Type: clause
Provision Reference: sch 1 cl 6
Character Range: 2752–4281

6  Waiver of the requirement to hold a tax invoice
 (1) For the purposes of attributing an input tax credit for a creditable acquisition to a tax period, a recipient is not required to hold a tax invoice under subsection 29‑10(3) of the Act if:
            (a) the recipient makes a creditable acquisition from a beneficiary through the trustee of the bare trust; and
            (b) at the time the recipient gives a GST return to the Commissioner for the tax period to which the input tax credit (or any part of the input tax credit) for the acquisition would otherwise be attributable, the recipient holds a document that meets the requirements in subsection 7(1).
 (2) For the purposes of attributing an input tax credit for a creditable acquisition to a tax period, a beneficiary of a bare trust is not required to hold a tax invoice under subsection 29-10(3) of the Act if:
            (a) the beneficiary makes a creditable acquisition from a third party through the trustee of the bare trust, where the total price of the thing or things acquired is at least $1,000 or such higher amount specified in regulations made for the purposes of subparagraph 29-70(1)(c)(ii) of the Act; and
            (b) at the time the beneficiary gives a GST return to the Commissioner for the tax period to which the input tax credit (or any part of the input tax credit) for the acquisition would otherwise be attributable, the beneficiary or the trustee of the bare trust holds a document that meets the requirements in subsection 7(2).