S 960-345 repealed by
No 80 of 2007
, s 3 and Sch 8 item 2, applicable in relation to the 2007-08 income year and later income years. S 960-345 formerly read:
SECTION 960-345 Meaning of
group turnover
960-345(1)
The
group turnover
of an entity (the
primary entity
) for an income year is the sum of:
(a)
the *value of the *business *supplies the primary entity made in the income year; and
(b)
the value of the business supplies entities *connected with the primary entity made in the income year;
reduced by:
(c)
that part of the value of the business supplies the primary entity made in the income year that is attributable to *supplies it made during the year to entities connected with it when they were connected with it; and
(d)
that part of the value of the business supplies entities connected with the primary entity made in the income year that is attributable to supplies the connected entities made during the year to the primary entity when they were connected with it; and
(e)
that part of the value of the business supplies another entity made in the income year that is attributable to supplies the other entity made to a third entity at a time when both the other entity and third entity were connected with the primary entity.
History
S 960-345(1) amended by No 41 of 2005.
960-345(2)
The
value
of the *business *supplies an entity makes in an income year is the sum of:
(a)
for *taxable supplies (if any) the entity made during the year in the ordinary course of carrying on a business
-
the value (as defined by section
9-75
of the *GST Act) of the supplies; and
(b)
for other supplies the entity made during the year in the ordinary course of carrying on a business
-
the prices (as defined by section
9-75
of the GST Act) of the supplies.
History
S 960-345(2) substituted by No 41 of 2005.
S 960-345 inserted by No 164 of 1999.
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