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A New Tax System (Goods and Services Tax) Act 1999

Chapter 4 - The special rules  

Part 4-4 - Special rules mainly about net amounts and adjustments  

Note:

The special rules in this Part mainly modify the operation of Part 2-4, but they may affect other Parts of Chapter 2 in minor ways.

Division 130 - Goods applied solely to private or domestic use    View history reference

130-5  Goods applied solely to private or domestic use  

 View history reference

(1)  

You have an increasing adjustment if:


(a) you made a *creditable acquisition or *creditable importation of goods; and


(b) the acquisition or importation was solely for a *creditable purpose; and


(c) you *apply the goods solely to private or domestic use.

(2)  

The amount of the increasing adjustment is an amount equal to the amount of the input tax credit to which you were entitled for the acquisition or importation, taking account of any *adjustments for the acquisition or importation.

(3)  

However, this section does not apply if you have previously had an adjustment under Division 129 for the acquisition or importation.


 



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