A New Tax System (Goods and Services Tax) Act 1999

Chapter 4 - The special rules  

Part 4-2 - Special rules mainly about supplies and acquisitions  

Note:

The special rules in this Part mainly modify the operation of Part 2-2 , but they may affect other Parts of Chapter 2 in minor ways.

Division 72 - Associates  

Subdivision 72-C - Supplies for inadequate consideration  

72-70   The value of taxable supplies for inadequate consideration  

(1)    
If a supply to your * associate for * consideration that is less than the * GST inclusive market value is a * taxable supply , its value is the * GST exclusive market value of the supply.

(2)    
Subsection (1) does not apply if:

(a) your associate is * registered or * required to be registered ; and

(b) your associate acquires the thing supplied solely for a * creditable purpose .

(3)    
This section has effect despite section 9-75 (which is about the value of taxable supplies).

(4)    

This section does not apply to a supply that is a * taxable supply because of section 84-5 (which is about offshore supplies).