Petroleum Resource Rent Tax Assessment Act 1987

PART V - LIABILITY TO TAXATION  

Division 2 - Assessable receipts  

SECTION 22B   EFFECT OF GST ETC. ON ASSESSABLE RECEIPTS  

22B(1)    
For the purposes of this Division, a reference to consideration receivable, to value receivable or to an amount receivable does not include an amount equal to:

(a) any GST payable on the supply for which the consideration, value or amount was receivable; or

(b) any increasing adjustments that relate to that supply.

22B(2)    
For the purposes of this Division, a reference to the sale price of property does not include an amount equal to:

(a) any GST payable on the sale; or

(b) any increasing adjustments that relate to that sale.

22B(3)    
For the purposes of this Division, a reference to expenses payable in relation to a sale does not include an amount equal to:

(a) any input tax credit to which you are entitled; or

(b) any decreasing adjustment that you have;

in relation to those expenses.