Income Tax Assessment Amendment Regulations 2003 (No. 1) (39 of 2003)

Schedule 1   Amendment taken to have commenced on 1 July 2001

[1]   After regulation 70-55.01

insert

Division 328 STS taxpayers

328-375.01 Calculation of STS group turnover - fuel retailers

(1) For subsection 328-375 (4) of the Act, the way in which to calculate the STS group turnover for an income year of an entity ( entity 1 ) that sells retail fuel is:

(a) work out an amount for entity 1 using the method in subsection 328-375 (1) of the Act; and

(b) reduce the amount by:

(i) the part of the value of the business supplies entity 1 made in the income year that is attributable to the supply of retail fuel to any entity other than an entity that is grouped with entity 1; and

(ii) the part of the value of the business supplies entities grouped with entity 1 made in the income year that is attributable to the supply of retail fuel to any entity other than:

(A) entity 1; or

(B) a third entity (while the entity and the third entity were grouped with entity 1).

(2) In this regulation:

retail fuel means:

(a) fuel, within the meaning of theFuel Sales Grants Act 2000, that is sold by retail; and

(b) liquefied petroleum gas that is sold by retail.

Note 1 Section 328-380 of the Act explains arrangements relating to grouped entities.

Note 2 The expression value of the business supplies is explained in section 960-345 of the Act.