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

Chapter 2 - The basic rules  

Part 2-3 - Importations  

Division 15 - Creditable importations  

15-10  Meaning of creditable purpose  

(1)  

You import goods for a creditable purpose to the extent that you import the goods in *carrying on your *enterprise.

(2)  

However, you do not import the goods for a creditable purpose to the extent that:


(a) the importation relates to making supplies that would be *input taxed; or


(b) the importation is of a private or domestic nature.

(3)  

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An importation is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be *input taxed to the extent that the supply is made through an *enterprise, or a part of an enterprise, that you *carry on outside the indirect tax zone.

(4)  

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An importation is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be *input taxed if:


(a) the only reason it would (apart from this subsection) be so treated is because it relates to making *financial supplies; and


(b) you do not *exceed the financial acquisitions threshold.
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(5)  

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An importation is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be *input taxed to the extent that:


(a) the importation relates to making a *financial supply consisting of a borrowing; and


(b) the borrowing relates to you making supplies that are not input taxed.


 



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