Treasury Laws Amendment (2018 Measures No. 1) Act 2018 (23 of 2018)

Schedule 5   Payment of GST on taxable supplies of certain real property

Part 1   Main amendments

Taxation Administration Act 1953

3   At the end of Subdivision 18-A in Schedule 1

Add:

Entitlement to credit: taxable supply of real property

18-60 Credit - payment relating to taxable supply of real property

(1) An entity is entitled to a credit if:

(a) the entity made a *taxable supply to which subsection 14-250(2) applies; and

(b) another entity made a payment under section 14-250 in relation to the supply.

(2) The amount of the credit is an amount equal to the amount of the payment.

(3) The credit arises when an assessment has been made of the entity's *net amount for the *tax period of the entity in which the payment was made.