Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME  

Division 17 - Effect of GST etc. on assessable income  

SECTION 17-10   Certain decreasing adjustments  

17-10(1)    
An amount of a ^* decreasing adjustment that arises under Division 129 or 132 of the ^* GST Act is assessable income , unless the entity that has the adjustment is an ^* exempt entity.

17-10(2)    

However, the amount is not assessable income to the extent that, because it becomes a component of a ^* net input tax credit, a reduction is made under section 103-30 (reduction of cost base etc. by net input tax credits).