Document ID: chunk:federal_register_of_legislation:F2005C00570:body:0:p3
Version: federal_register_of_legislation:F2005C00570
Segment Type: other
Provision Reference: 
Character Range: 4951–7556

of Australia within the meaning of the Income Tax Assessment Act 1936, are not, to the extent to which they are for services rendered in Australia, exempt from taxation unless the person is not an Australian citizen and came to Australia solely for the purpose of serving on a committee, or participating in the work, of the Bank or performing a mission on behalf of the Bank.

 (3) A person who has served on a committee, or participated in the work, of the Bank or performed a mission on behalf of the Bank has the immunities specified in Part II of the Fifth Schedule to the Act.

7A Indirect tax concession scheme — acquisitions

 (1) For paragraph 11C (1) (a) of the Act, acquisitions by the Bank are covered by these Regulations.

 (2) However, an acquisition by the Bank is covered by these Regulations only if, at the time of the acquisition, it was intended for the official use of the Bank.

 (3) For paragraph 11C (1) (a) of the Act, the acquisition of a locally-manufactured motor vehicle by a person who holds an office in the Bank, for the personal use of the person or of a member of the family of the person, is covered by these Regulations if:
 (a) the vehicle is acquired within the first 6 months of the person's installation in Australia and the person has not previously received:
 (i) a concession under section 11C of the Act for the acquisition of another motor vehicle; or
 (ii) an exemption from indirect tax under section 11B of the Act on the importation of another motor vehicle; or
 (b) the vehicle is acquired in exceptional circumstances to replace a motor vehicle for which the person received:
 (i) a concession under section 11C of the Act; or
 (ii) an exemption from indirect tax under section 11B of the Act.

 (4) In paragraph (3) (b):
exceptional circumstances, in relation to the replacement of a motor vehicle, includes the original vehicle being stolen or damaged beyond repair.

Note   Section 11C of the Act establishes an indirect tax concession scheme that provides for reimbursement by the Commissioner of Taxation of indirect tax payable for acquisitions covered by these Regulations.

7B Indirect tax concession scheme — conditions

 (1) For paragraph 11C (3) (a) of the Act, the amount mentioned in subsection 11C (1) of the Act is payable only if the following conditions are satisfied:
 (a) the person who made the acquisition is subject to an agreement in writing between the Bank and the Commonwealth to repay to the Commonwealth the amount worked out under subregulation (2) if:
 (i) for a payment in relation to an acquisition of a motor vehicle —