Withdrawal - Goods and services tax: what is excluded from being second-hand goods by paragraph (b) of the definition of that term in Division 195 of the A New Tax System (Goods and Services Tax) Act 1999?

GSTD 2017/D1 concerns paragraph (b) of the definition of 'second-hand goods' in the A New Tax System (Goods and Services Tax) Act 1999.

The Treasury Laws Amendment (GST Integrity) Act 2017 has repealed paragraphs (a) and (b) of the definition of second-hand goods, and introduced a new definition that applies to acquisitions of goods containing valuable metal that occur on or after 1 April 2017. This draft Determination, if finalised, would not have any ongoing effect. Accordingly, GSTD 2017/D1 is withdrawn.

In relation to goods acquired prior to 1 April 2017, the ATO continues to hold the view that the goods need not be in an investment form to fall within the exclusion set out in paragraph (b) of the definition, as it relevantly applies.