Document ID: chunk:federal_register_of_legislation:C2025C00126:section:7:p59
Version: federal_register_of_legislation:C2025C00126
Segment Type: section
Provision Reference: s 7 (pt 59/63)
Character Range: 388613–391254

goods that were part of an acquisition you made that was an acquisition of *second‑hand goods to which this Subdivision applied; and
 (b) your *total Subdivision 66‑B credit amount is more than your *total Subdivision 66‑B GST amount; and
 (c) what would be the amount of GST payable on the supply, if the amount were not reduced under this section, is more than the difference between:
 (i) your total Subdivision 66‑B credit amount; and
 (ii) your total Subdivision 66‑B GST amount.
Note: This section will not apply unless the record keeping requirements of section 66‑55 are met.
 (2) The amount by which the GST on the supply is reduced is an amount equal to the difference between:
 (a) your *total Subdivision 66‑B credit amount; and
 (b) your *total Subdivision 66‑B GST amount.
 (3) This section has effect despite section 9‑70 (which is about the amount of GST on taxable supplies).
Note: Section 9‑90 (rounding of amounts of GST) can apply to amounts of GST worked out using this section.

66‑55  Records of acquisitions of second‑hand goods to which this Subdivision applied
  Sections 66‑45 and 66‑50 do not apply to a supply of goods you made unless you hold a record, relating to the acquisition of *second‑hand goods of which the goods supplied were a part, that:
 (a) sets out the name and address of the entity that supplied the goods to you; and
 (b) describes the goods (including their quantity); and
 (c) sets out the date of, and the *consideration for, the acquisition.

66‑60  Input tax credits for acquiring second‑hand goods the supply of which is not fully taxable
 (1) If an entity acquires *second‑hand goods, and, because of section 66‑45 and for no other reason, the supply of the goods to the entity is not a *taxable supply:
 (a) the fact that the supply is not a taxable supply does not stop the acquisition being a *creditable acquisition; and
 (b) the amount of the input tax credit for the creditable acquisition is worked out as if the supply were a taxable supply.
 (2) If:
 (a) an entity makes a *creditable acquisition of *second‑hand goods; and
 (b) the amount of GST on the supply of the goods to the entity was reduced because of section 66‑50;
the amount of the input tax credit for the creditable acquisition is worked out as if that amount of GST had not been so reduced.
 (3) This section has effect despite section 11‑5 (which is about what is a creditable acquisition) and section 11‑25 (which is about the amount of input tax credits for creditable acquisitions).

66‑65  Total Subdivision 66‑B credit amounts and Subdivision 66‑B GST amounts
 (1) Your total Subdivision 66‑B credit amount