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 17-15  

17-15   Elements in calculation of amounts  

In calculating an amount that may be included in assessable income:

(a) an element in the calculation that is an amount received or receivable is treated as not including an amount equal to any ^* GST payable on a ^* taxable supply related to the amount received or receivable, or any ^* increasing adjustment related to that amount; and

(b) an element in the calculation that is an amount paid or payable is treated as not including an amount equal to any ^* input tax credit for an ^* acquisition related to the amount paid or payable, or any ^* decreasing adjustment related to that amount.