A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 (177 of 1999)

Schedule 8  

Petroleum Resource Rent Tax Assessment Act 1987

15   Before section 23 of Division 2 of Part V

Insert:

22B Effect of GST etc. on assessable receipts

(1) For the purposes of this Division, a reference to consideration receivable, to value receivable or to an amount receivable does not include an amount equal to:

(a) any GST payable on the supply for which the consideration, value or amount was receivable; or

(b) any increasing adjustments that relate to that supply.

(2) For the purposes of this Division, a reference to the sale price of property does not include an amount equal to:

(a) any GST payable on the sale; or

(b) any increasing adjustments that relate to that sale.

(3) For the purposes of this Division, a reference to expenses payable in relation to a sale does not include an amount equal to:

(a) any input tax credit to which you are entitled; or

(b) any decreasing adjustment that you have;

in relation to those expenses.