Indirect Tax Laws Amendment (Assessment) Act 2012 (39 of 2012)

Schedule 1   Assessment of amounts under indirect tax laws

Part 1   Amendments commencing on 1 July 2012

Division 2   Definitions

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

3   Section 195-1

Insert:

assessed GST , on:

(a) a *taxable supply under section 78-50 (settlements of insurance claim) or 105-5 (supplies by creditors in satisfaction of debts); or

(b) a *taxable importation;

means the GST *assessed on the taxable supply or taxable importation.