Indirect Tax Legislation Amendment Act 2000 (92 of 2000)

Schedule 4   Agents

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

9   Before section 188-25

Insert:

188-24 Supplies to which Subdivision 153-B applies

(1) In working out your *current annual turnover or your *projected annual turnover, you may choose to treat the *value of any *taxable supply that, under subsection 153-55(1), you are taken to make as an agent as being an amount equal to the difference between:

(a) what is, apart from this section, the value of the supply; and

(b) the value of the taxable supply that, under subsection 153-55(2), is taken to be made to you in relation to the taxable supply that you are taken to make.

(2) In working out your *current annual turnover or your *projected annual turnover, you may choose to treat the *value of any *taxable supply that, under subsection 153-60(2), you are taken to make as an agent as being an amount equal to the difference between:

(a) what is, apart from this section, the value of the supply; and

(b) 10/11 of the *consideration you provided or are liable to provide for the *creditable acquisition that, under subsection 153-60(1), you are taken to make and that relates to that supply.