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

Chapter 4 - The special rules  

Part 4-2 - Special rules mainly about supplies and acquisitions  

Note:

The special rules in this Part mainly modify the operation of Part 2-2 , but they may affect other Parts of Chapter 2 in minor ways.

Division 108 - Valuation of taxable supplies of goods in bond  

108-5   Taxable supplies of goods in bond etc.  

(1)    

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The value of a * taxable supply of * excisable goods that are in bond is the sum of:

(a) the value of the supply worked out in the way set out in section 9-75 ; and

(b) the amount of * excise duty to which the goods would have been subject if they had been entered for home consumption under the Excise Act 1901 at the time the supply first became a supply * connected with the indirect tax zone .

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History

S 108-5(1) amended by No 2 of 2015, s 3 and Sch 4 item 31, by substituting " the indirect tax zone " for " Australia " in para (b), applicable to a tax period that commences on or after 1 July 2015.

S 108-5(1) amended by No 176 of 1999, s 3 and Sch 1 items 99 and 100, by substituting " *excisable goods that are in bond " for " goods that are in bond or otherwise subject to the control of Customs " and substituting para (b), effective 1 July 2000. Para (b) formerly read:

(b) the amount of *customs duty or *excise duty to which the goods would have been subject if they had been entered for home consumption under the Customs Act 1901 or the law relating to excise (as the case requires) at the time the supply first became a supply *connected with Australia.

(2)    
However, this section does not apply to a supply of goods to a * recipient who:

(a) is * registered or * required to be registered ; and

(b) acquires the goods solely for a * creditable purpose .

(3)    
This section has effect despite section 9-75 (which is about the value of taxable supplies).

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