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29 Aug 13 GST: second-hand goods and Div 66 - GSTD 2013/2

On 28 August 2013, the ATO issued GST Determination GSTD 2013/2 entitled "Goods and services tax: when are second-hand goods acquired for the purpose of sale in the ordinary course of business under Division 66 of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act)?"

It was previously released in draft form as GSTD 2013/D2.

The Determination states:

"1. Second-hand goods are acquired for the purpose of sale in the ordinary course of business under Division 66 of the GST Act where an entity that acquires second-hand goods is in the business of buying and selling second-hand goods, and the goods are acquired for the purpose of being sold in the ordinary course of that business.

2. Second-hand goods are not acquired for the purpose of sale in the ordinary course of business under Division 66 of the GST Act, where the goods are acquired only in order to be leased, or where there is simply an intention that the goods will ultimately be sold after they are no longer required."

However, paragraph 3 of the Determination sets out one circumstance in which an entity that carries on a business involving the leasing and selling of second-hand goods will satisfy the requirement in section 66-5 of the GST Act.

 


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