Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005)

Schedule 10   Technical corrections and amendments

Part 1   Technical corrections and amendments commencing on Royal Assent

Income Tax Assessment Act 1997

205   Subsection 960-345(2)

Repeal the subsection, substitute:

(2) The value of the *business *supplies an entity makes in an income year is the sum of:

(a) for *taxable supplies (if any) the entity made during the year in the ordinary course of carrying on a business - the value (as defined by section 9-75 of the *GST Act) of the supplies; and

(b) for other supplies the entity made during the year in the ordinary course of carrying on a business - the prices (as defined by section 9-75 of the GST Act) of the supplies.