A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 (177 of 1999)

Schedule 8  

Income Tax Assessment Act 1997

1   At the end of Division 17

Add:

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.