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

Chapter 4 - The special rules  

Part 4-2 - Special rules mainly about supplies and acquisitions  


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

Division 72 - Associates  

CCH Note

For transitional provisions relating to a supply or acquisition that an incapacitated entity makes to or from an associate of the incapacitated entity, see note under Div 58 heading.

Subdivision 72-B - Acquisitions without consideration  

72-40  Creditable acquisitions without consideration  


The fact that an acquisition from your * associate is without * consideration does not stop the acquisition being a * creditable acquisition if you acquire the thing supplied otherwise than solely for a * creditable purpose .


This section has effect despite paragraph 11-5(c) (which would otherwise require a creditable acquisition to be for consideration).


 View history reference
However, this section does not apply to any acquisition that is constituted by an insurer settling a claim under an * insurance policy or by an * operator settling a claim under a * compulsory third party scheme .


This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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