INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
PART III
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LIABILITY TO TAXATION
Division 2
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Income
Subdivision C
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Business carried on partly in and partly out of Australia
SECTION 39
39
SALES BY MERCHANTS
Where goods which are imported into Australia are, either before or after importation, sold in Australia by a person not being 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) their purchase price; 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.
Where goods which are imported into Australia are, either before or after importation, sold in Australia by a person not being 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) their purchase price; 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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