INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 2 - Income  

Subdivision C - Business carried on partly in and partly out of Australia  

SECTION 38  

38   SALES BY MANUFACTURERS  
Where goods manufactured out of Australia are imported into Australia and the goods are, either before or after importation, sold in Australia by the manufacturer of the goods, the profit deemed to be derived in Australia from the sale shall be ascertained by deducting from the sale price of the goods:

(a) the amount for which, at the date the goods were shipped to Australia, goods of the same nature and quality could be purchased by a wholesale buyer in the country of manufacture; and

(b) the expenses incurred in transporting them to and selling them in Australia; and

(c) if the sale is a taxable supply - an amount equal to the net GST payable on the supply.

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History

S 38 amended by No 176 of 1999, s 3 and Sch 8 item 22, by substituting all the words from and including ``sale price of the goods'', effective 1 July 2000. The substituted text formerly read:

sale price of the goods the amount for which, at the date the goods were shipped to Australia, goods of the same nature and quality could be purchased by a wholesale buyer in the country of manufacture, and the expenses incurred in transporting them to and selling them in Australia.

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