INCOME TAX ASSESSMENT ACT 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-S - Market value  

Operative provisions

SECTION 960-405   Effect of GST on market value of an asset  

960-405(1)  
The market value of an asset at a particular time is reduced by the amount of the *input tax credit (if any) to which you would be entitled assuming that:


(a) you had *acquired the asset at that time; and


(b) the acquisition had been solely for a *creditable purpose.

960-405(2)  
Subsection (1) does not apply:


(a) to an asset the *supply of which cannot be a *taxable supply; or


(b) in working out the *market value of economic benefits, or of *equity or loan interests, for the purposes of Part 3-95 (about value shifting).

Note:

Some assets, such as shares, cannot be the subject of a taxable supply.



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