A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 (177 of 1999)
Schedule 1 Indirect Tax Acts
Part 1 Amendment of the A New Tax System (Goods and Services Tax) Act 1999
132 Section 195-1 (definition of GST exclusive market value )
Repeal the definition, substitute:
GST exclusive market value , in relation to a supply or acquisition:
(a) other than of a *luxury car - is 10/11 of the *GST inclusive market value of the supply or acquisition; or
(b) of a *luxury car - is 10/11 of the *GST inclusive market value of the luxury car (excluding any *luxury car tax that is, or would be, payable on the supply of that car).
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).