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A NEW TAX SYSTEM (INDIRECT TAX AND CONSEQUENTIAL AMENDMENTS) ACT 1999 NO. 176, 1999 - SCHEDULE 7

- Amendments relating to the Tradex Scheme Part 1—Amendments commencing before 1 July 2000

Sales Tax Assessment Act 1992

1 Section 5 (definition of Australian-used goods )

Omit "and 10", substitute ", 10 and 10A".

2 Section 5

Insert:

tradex order has the meaning given by section 4 of the Tradex Scheme Act 1999 .

3 Section 5

Insert:

tradex scheme goods means imported goods that:

(a)
are nominated goods (within the meaning of the Tradex Scheme Act 1999 ) in relation to a tradex order; and

(b)
were covered by exemption Item 185A at the time of their local entry.

However, the goods cease to be tradex scheme goods if:

(c)
any of the circumstances referred to in subsection 21(1) of that Act occur in respect of any of the goods; or

(d)
the goods are exported.

4 After section 10

Insert:

10A Tradex scheme goods: affects meaning of Australian-used goods

(1)
This section applies to goods if they were tradex scheme goods and are no longer tradex scheme goods.

(2)
In applying the sales tax law at or after the time such a circumstance occurs, or the goods are exported, the goods are not taken to be Australian-used goods only because of an AOU of the goods that happened during the period:

(a)
starting when the goods became tradex scheme goods; and

(b)
ending when the goods ceased to be tradex scheme goods.

5 Schedule 1 (at the end of Table 2)

Add:

LE15
the goods were tradex scheme goods and ceased to be tradex scheme goods because any of the circumstances referred to in subsection 21(1) of that Act have occurred in respect of any of the goods
holder (within the meaning of the Tradex Scheme Act 1999 ) of the tradex order relating to the goods
the earliest occasion on which any of those circumstances occurs in respect of any of the goods

6 Schedule 1 (Table 2, note)

After "is taken", insert "(unless the local entry is covered by LE15)".

Sales Tax (Exemptions and Classifications) Act 1992

7 At the end of Division 1 of Part 3

Add:

8A Goods covered by item 21A of Schedule 4 to the Customs Tariff

To avoid doubt, a reference in Schedule 1 to goods that are covered by item 21A of Schedule 4 to the Customs Tariff includes a reference to goods to which that item would apply apart from the operation of subsection 18(1) the Customs Tariff.

8 After Item 185 of Schedule 1

Insert:

ITEM 185A:

Imported goods covered by item 21A in Schedule 4 to the Customs Tariff.

Part 2—Amendments relating to indirect taxes commencing on 1 July 2000

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

9 Section 17-99 (at the end of the table)

Add:


16
Tradex scheme goods
Division 141

10 Section 29-39 (at the end of the table)

Add:

14
Tradex scheme goods
Division 141

11 Section 37- 1 (after table item 36)

Insert:

36A
Tradex scheme goods
Division 141

12 Subsection 42-5(1)

After "21,", insert "21A,".

13 At the end of Part 4-4

Add:

Division 141—Tradex scheme goods 141-1 What this Division is about

The holder of a tradex order has an increasing adjustment if goods relating to that order are dealt with contrary to the Tradex Scheme.

Note: GST would not have been payable on importation of the goods under the Tradex Scheme: see section 42-5.

141-5 Adjustments for applying goods contrary to the Tradex Scheme

(1)
You have an increasing adjustment if:

(a)
you import * tradex scheme goods; and

(b)
you are the holder (within the meaning of the Tradex Scheme Act 1999 ) of the * tradex order relating to the goods; and

(c)
the importation would have been a * taxable importation if the goods had not been covered by item 21A of Schedule 4 to the Customs Tariff Act 1995 at the time of their entry for home consumption under the Customs Act 1901 ; and

(d)
any of the circumstances referred to in subsection 21(1) of that Act occur in respect of any of the goods.

However, the increasing adjustment only arises in relation to the first occurrence of such a circumstance following an importation of the goods.

(2)
The amount of the * increasing adjustment is the difference between:

(a)
the amount of GST that would have been payable on the importation if the importation had been a * taxable importation; and

(b)
the amount (if any) of the input tax credit to which you would have been entitled for the importation if the importation had been a taxable importation.

141-10 Meaning of tradex scheme goods etc.
(1)
Tradex scheme goods are imported goods that:

(a)
are nominated goods (within the meaning of the Tradex Scheme Act 1999 ) in relation to a * tradex order; and

(b)
were covered by item 21A in Schedule 4 to the Customs Tariff Act 1995 at the time of their entry for home consumption under the Customs Act 1901 .

(2)
Tradex order has the meaning given by section 4 of the Tradex Scheme Act 1999 .

141-15 Attribution of adjustments under this Division
(1)
An adjustment under this Division is attributable to the tax period in which the adjustment arises.

(2)
This section has effect despite section 29-20 (which is about attributing your adjustments).

141-20 Application of Division 129
This Division does not affect the operation of Division 129 (which is about changes in the extent of creditable purpose).

14 Section 195- 1 (definition of increasing adjustment , at the end of the table)

Add:


9
Section 141-50
Tradex scheme goods

15 Section 195- 1

Insert:

tradex order has the meaning given by subsection 141-10(2).

16 Section 195- 1

Insert:

tradex scheme goods has the meaning given by subsection 141-10(1).

A New Tax System (Wine Equalisation Tax) Act 1999

17 Subsection 5-30(5) (after table item LE14)

Insert:


LE14A
the wine is * tradex scheme goods, and any of the circumstances referred to in subsection 21(1) of that Act have occurred in respect of any of the wine
holder (within the meaning of the Tradex Scheme Act 1999 ) of the * tradex order relating to the wine
the earliest occasion on which any of those circumstances occurs in respect of any of the wine

18 Subsection 7-15(1)

After "21,", insert "21A,".

19 Section 33- 1

Insert:

tradex order has the meaning given by section 4 of the Tradex Scheme Act 1999 .

20 Section 33- 1

Insert:

tradex scheme goods has the meaning given by subsection 141-10(1) of the * GST Act.


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