Document ID: chunk:federal_register_of_legislation:C2025C00126:section:7:p57
Version: federal_register_of_legislation:C2025C00126
Segment Type: section
Provision Reference: s 7 (pt 57/63)
Character Range: 383749–386526

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 period, but only to the extent that the consideration is received in that tax period; or
 (c) if, in a tax period, none of the consideration is received—none of the input tax credit for the acquisition is attributable to that tax period.
 (4) This section has effect despite section 29‑10 (which is about attributing the input tax credits for creditable acquisitions).

66‑17  Records of creditable acquisitions of second‑hand goods
 (1) If you make a *creditable acquisition of second‑hand goods and the supply of the goods to you was not a *taxable supply:
 (a) subsection 29‑10(3) applies to the acquisition as if references to a *tax invoice were references to a record you prepared that complies with this section; and
 (b) subsection 29‑20(3) applies to an adjustment event relating to the acquisition as if references to an *adjustment note were references to a record you prepared that complies with this section.
 (2) To comply with this section, the record must:
 (a) set out the name and address of the entity that supplied the goods to you; and
 (b) describe the goods (including their quantity); and
 (c) set out the date of, and the *consideration for, the acquisition.
 (2A) Subsection 29‑10(3) does not apply to a *creditable acquisition of *second‑hand goods if:
 (a) the supply to which the acquisition relates is not a *taxable supply; and
 (b) the amount that would have been the *value of the supply (if it had been a *taxable supply) does not exceed $50, or such higher amount as the regulations made for the purposes of subsection 29‑80(1) specify.
 (2B) Subsection 29‑20(3) does not apply to a *decreasing adjustment relating to a *creditable acquisition of *second‑hand goods if:
 (a) the supply to which the acquisition relates is not a *taxable supply; and
 (b) the amount of the adjustment does not exceed $50, or such higher amount as the regulations made for the purposes of subsection 29‑80(2) specify.
 (3) This section has effect despite section 29‑10 (which is about attributing the input tax credits for creditable acquisitions) and section 29‑20 (which is about attributing decreasing adjustments).

Subdivision 66‑B—Acquisitions of second‑hand goods that are divided for re‑supply

66‑40  Acquisitions of second‑hand goods that can be used to offset GST on future re‑supplies
 (1) This Subdivision applies to an acquisition of *second‑hand goods if:
 (a) you acquire the goods for the purposes of sale or exchange (but not for manufacture) in the ordinary course of *business; and
 (b) either the