A New Tax System (Goods and Services Tax) Act 1999
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 110 - Tax-related transactions
Hide history note
View history noteDiv 110 (heading) substituted by No 74 of 2010, s 3 and Sch 1 item 52, applicable to tax periods starting on or after 1 July 2010. The heading formerly read:
Division 110 - Income tax-related transactions
Div 110 inserted by No 97 of 2002, s 3 and Sch 1 item 11, applicable in relation to net amounts for tax periods starting on or after 1 July 2000.
Subdiv 110-B inserted by No 74 of 2010, s 3 and Sch 1 item 55, applicable to tax periods starting on or after 1 July 2010.
A supply made to a contributing member (within the meaning of subsection 444-90(1A) in Schedule 1 to the Taxation Administration Act 1953 ) of a *GST group is not a *taxable supply if:
(a) the supply is a release from an obligation relating to a contribution amount (within the meaning of that subsection) relating to liabilities of the *representative member of the group that are referred to in that subsection; and
Example:
The obligation could be a contractual obligation created by the agreement under which the contribution amount was determined.
(b) the contributing member leaves the group in circumstances in which subsection 444-90(1B) in that Schedule applies to the contributing member.
(2)
A supply made to a contributing participant (within the meaning of subsection 444-80(1A) in Schedule 1 to the Taxation Administration Act 1953 ) of a *GST joint venture is not a *taxable supply if:
(a) the supply is a release from an obligation relating to a contribution amount (within the meaning of that subsection) relating to liabilities of the *joint venture operator of the joint venture that are referred to in that subsection; and
Example:
The obligation could be a contractual obligation created by the agreement under which the contribution amount was determined.
(b) the contributing participant leaves the joint venture in circumstances in which subsection 444-80(1B) in that Schedule applies to the contributing participant.
(3)
This section has effect despite section 9-5 (which is about what are taxable supplies).
S 110-65 inserted by No 74 of 2010, s 3 and Sch 1 item 55, applicable to tax periods starting on or after 1 July 2010.
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