Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 27 - Effect of input tax credits etc. on deductions  

Subdivision 27-A - General  

SECTION 27-20  

27-20   Elements in calculation of amounts  

In calculating an amount that you may be able to deduct:

(a) an element in the calculation that is an amount paid or payable is treated as not including an amount equal to any ^* input tax credit for an ^* acquisition related to the amount paid or payable, or any ^* decreasing adjustment related to that amount; and

(b) an element in the calculation that is an amount received or receivable is treated as not including an amount equal to any ^* GST payable on a ^* taxable supply related to the amount received or receivable, or any ^* increasing adjustment related to that amount.