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

Schedule 5   Income tax deductions for GST-related expenditure

Income Tax Assessment Act 1997

9   Subsection 995-1(1)

Insert:

group turnover : 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.