A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)

Schedule 8  

Income Tax Assessment Act 1936

22   Section 38

Omit all the words from and including "sale price of the goods", substitute:

sale price of the goods:

(a) the amount for which, at the date the goods were shipped to Australia, goods of the same nature and quality could be purchased by a wholesale buyer in the country of manufacture; and

(b) the expenses incurred in transporting them to and selling them in Australia; and

(c) if the sale is a taxable supply - an amount equal to the net GST payable on the supply.