Indirect Tax Legislation Amendment Act 2000 (92 of 2000)

Schedule 7   Joint ventures

A New Tax System (Goods and Services Tax) Act 1999

13   After subsection 51-50(2)

Insert:

(2A) However, while an election made by the *joint venture operator under section 51-52 has effect:

(a) the joint venture operator must, in relation to all the *GST joint ventures for which the joint venture operator is the joint venture operator, give to the Commissioner a single *GST return for each tax period applying to the joint venture operator; and

(b) the *net amount stated in such a return must be the net amount relating to all those *GST joint ventures.