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

Chapter 2 - The basic rules  

Part 2-2 - Supplies and acquisitions  

Division 9 - Taxable supplies  

Subdivision 9-C - How much GST is payable on taxable supplies?  

9-75   The value of taxable supplies  

(1)    
The value of a * taxable supply is as follows:

Price   ×

10 11

where:

price
is the sum of:

(a) so far as the * consideration for the supply is consideration expressed as an amount of * money - the amount (without any discount for the amount of GST (if any) payable on the supply); and

(b) so far as the consideration is not consideration expressed as an amount of money - the * GST inclusive market value of that consideration.

Example:

You make a taxable supply by selling a car for $22,000 in the course of carrying on an enterprise.

The value of the supply is:

$22,000   ×

10 11

=   $20,000

The GST on the supply is therefore $2,000 (i.e. 10% of $20,000).

(2)    

However, if the taxable supply is of a *luxury car, the value of the taxable supply is as follows:

Luxury car tax value

×

10 11

where:

luxury car tax value
has the meaning given by section 5-20 of the A New Tax System (Luxury Car Tax) Act 1999 .

(3)    

In working out under subsection (1) the value of a *taxable supply made in a *tax period, being a supply that is a *fringe benefit, the price is taken to be the sum of:

(a) to the extent that, apart from this subsection, paragraph (a) of the definition of price in subsection (1) would be applicable:

(i) if the fringe benefit is a car fringe benefit - so much of the amount that would be worked out under that paragraph as represented the *recipient's payment made in that period; or

(ii) if the fringe benefit is a benefit other than a car fringe benefit - so much of the amount that would be worked out under that paragraph as represented the *recipients contribution made in that period; and

(b) to the extent that, apart from this subsection, paragraph (b) of the definition of price in subsection (1) would be applicable:

(i) if the fringe benefit is a car fringe benefit - so much of the amount that would be worked out under that paragraph as represented the recipient's payment made in that period; or

(ii) if the fringe benefit is a benefit other than a car fringe benefit - so much of the amount that would be worked out under that paragraph as represented the recipients contribution made in that period.

(4)    

Despite subsection (1), if a supply of goods (the actual supply ) is to be treated as separate supplies because of subsection 9-25(6) or 84-79(2) , then the price of each such separate supply is so much of the price of the actual supply, worked out under subsection (1), as reasonably represents the price of the separate supply.