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

Chapter 6 - Interpreting this Act  

Part 6-2 - Meaning of some important concepts  

Division 188 - Meaning of GST turnover  

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History

Div 188 (heading) substituted by No 80 of 2007, s 3 and Sch 2 item 35, applicable to net amount for tax periods starting on or after 1 July 2007. The heading formerly read:

Division 188 - Meaning of annual turnover

188-24   Supplies to which Subdivision 153-B applies  

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(1)    

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In working out your * current GST turnover or your * projected GST 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 intermediary 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.

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S 188-24(1) amended by No 20 of 2010, s 3 and Sch 3 item 29, by substituting " intermediary " for " agent " , applicable in relation to supplies and acquisitions made on or after 1 July 2010.

S 188-24(1) amended by No 80 of 2007, s 3 and Sch 2 item 50, by substituting " GST turnover " for " annual turnover " (wherever occurring), applicable in relation to net amounts for tax periods starting on or after 1 July 2007.

(2)    

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In working out your * current GST turnover or your * projected GST 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 intermediary 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.

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History

S 188-24(2) amended by No 20 of 2010, s 3 and Sch 3 item 29, by substituting " intermediary " for " agent " , applicable in relation to supplies and acquisitions made on or after 1 July 2010.

S 188-24(2) amended by No 80 of 2007, s 3 and Sch 2 item 50, by substituting " GST turnover " for " annual turnover " (wherever occurring), applicable in relation to net amounts for tax periods starting on or after 1 July 2007.

S 188-24 inserted by No 92 of 2000, s 3 and Sch 4 item 9, effective 1 July 2000.

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