17-25
GST attributable because of the GST Transition Act
If:
(a)
section 10 of the A New Tax System (Goods and Services Tax
Transition) Act 1999 applies in an income year that ends after
30 November 1999 and before 1 July 2000 in relation to a * taxable
supply that you will make on or after 1 July 2000; and
(b)
because of
the application of that section, an amount of * GST is attributable to your
first * tax period after 1 July 2000;
an amount equal to the amount of
GST is not assessable income.
2 At the end of Division 17 (after section 17-25)
Add:
17-30
Special credits because of the GST Transition Act
A special credit under section 16, 16A, 16B, 16C or 19A of the A New Tax
System (Goods and Services Tax Transition) Act 1999 is assessable income :
(a)
at the time it is attributed to a tax period (for a credit under
section 16, 16A, 16B or 19A); or
(b)
at the time it is paid (for a
credit under section 16C).
3 At the end of Division 27
Add:
27-30 Input tax credits attributable because of the GST Transition Act
If:
(a)
section 10 of the A New Tax System (Goods and Services Tax
Transition) Act 1999 applies in an income year that ends after
30 November 1999 and before 1 July 2000 in relation to a *
creditable acquisition that you will make on or after 1 July 2000; and
(b)
because of the application of that section, an * input tax credit is
attributable to your first * tax period after 1 July 2000;
you cannot
deduct under this Act an amount equal to the input tax credit.
4 Subsection
995-1(1) (definition of assessable income)
Omit "and 17-10", substitute ",
17-10 and 17-30".
5 Subsection 995-1(1)
Insert:
"creditable acquisition"
has the meaning given by section 195-1 of the * GST Act.
6 Subsection
995-1(1)
Insert:
"tax period" has the meaning given by section 195-1
of the * GST Act.
"increasing adjustment" has the meaning given by section 195-1
of the GST Act.
13 Section 2
Insert:
"input tax credit" has the
meaning given by section 195-1 of the GST Act.
14 Section 2
Insert:
market value , of a commodity, at a particular time, is its market
value reduced by an amount equal to the amount of the input tax credit (if
any) to which a person would be entitled if:
(a)
the person had acquired
the commodity at that time; and
(b)
the acquisition had been solely for a
creditable purpose.
15 Before section 23 of Division 2 of
Part V
Insert:
22B Effect of GST etc. on assessable receipts
(1)
For
the purposes of this Division, a reference to consideration receivable, to
value receivable or to an amount receivable does not include an amount equal
to:
(a)
any GST payable on the supply for which the consideration, value or
amount was receivable; or
(b)
any increasing adjustments that relate to that
supply.
(2)
For the purposes of this Division, a reference to the sale
price of property does not include an amount equal to:
(a)
any GST payable
on the sale; or
(b)
any increasing adjustments that relate to that sale.
(3)
For the purposes of this Division, a reference to expenses payable in
relation to a sale does not include an amount equal to:
(a)
any input tax
credit to which you are entitled; or
(b)
any decreasing adjustment that you
have;
in relation to those expenses.
16 Before section 32 of
Division 3 of Part V
Insert:
31B Effect of input tax credits etc.
on deductible expenditure
For the purposes of this Division, a reference to an amount of expenditure
incurred, or a liability incurred, by a person does not include an amount
equal to:
(a)
any input tax credit to which the person is entitled; or
; or (iv) creditable acquisitions or creditable importations;
20 After
section 52
Insert:
52A Liability related to non-profit sub-entities
(1)
Obligations that would be imposed under the GST law on a non-profit
sub-entity are imposed on each person who is responsible, to persons or bodies
outside the sub-entity, for the management of the sub-entity, but may be
discharged by any person who is so responsible.
(2)
Any offence against the
GST law that is committed by the sub-entity is taken to have been committed by
each person who is responsible, to persons or bodies outside the sub-entity,
for the management of the sub-entity.
(3)
In a prosecution of a person for an
offence that the person is taken to have committed because of
subsection (2), it is a defence if the person proves that the person:
(a)
did not aid, abet, counsel or procure the relevant act or omission; and
(b)
was not in any way knowingly concerned in, or party to, the relevant act
or omission (whether directly or indirectly and whether by any act or omission
of the entity).
21 Subsection 62(2) (after table item 37)
Insert:
37A
cancelling the registration of a non-profit sub-entity
subsection
63-35(1)
22
After subsection 70(1)
Insert:
(1A)
If you choose to apply Division 63
(non-profit sub-entities) of the GST Act, you must:
(a)
keep records that
record:
(i)
your choice to apply that Division; and
(ii)
each branch that
is treated as a separate entity for the purposes of the GST law; and
(iii)
each branch that has ceased to be treated as a separate entity for the
purposes of the GST law; and
(b)
retain those records for at least 5 years
after you revoke the choice.
Wool Tax (Administration) Act 1964
23 At the
end of section 10
Add:
(5)
Despite section 177-12 of the A New
Tax System (Goods and Services Tax) Act 1999 , a reference in
subsection (1) to the price of the supply of wool is taken not to include
the net GST that is, or would be, payable by an entity making the supply.
Commonwealth Consolidated Acts