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 27-15   GST payments  

27-15(1)    
You cannot deduct under this Act a loss or outgoing consisting of a payment under Division 33 of the ^* GST Act.

27-15(2)    
This section does not apply to the payment:

(a)    

to the extent (if any) that the ^* net amount to which the payment relates was increased under section 21-5 of the * Wine Tax Act (which allows for such increases to take account of wine equalisation tax); and

(b)    

to the extent (if any) that the ^* net amount was increased under section 13-5 of the * Luxury Car Tax Act (which allows for such increases to take account of luxury car tax); and

(c)    

to the extent (if any) that the ^* net amount was increased under paragraph 13-10(1)(a) of the Luxury Car Tax Act (which allows for such alterations to take account of increasing luxury car tax adjustments under that Act).

27-15(3)    

This section does not apply to the payment of * assessed GST (under section 33-15 of the ^* GST Act) on a ^* taxable importation that:

(a)    was not a ^* creditable importation; or

(b)    was ^* partly creditable;

but only to the extent that that payment of assessed GST exceeds the ^* input tax credit (if any) to which you are entitled for that importation.

27-15(4)    

This section does not apply to the payment of an * assessed net amount under section 33-3 or 33-5 of the * GST Act to the extent that the assessed net amount includes * GST on a * taxable supply that:

(a)    exceeds the * input tax credit (if any) to which you are entitled for a * creditable acquisition that relates to that supply; and

(b)    is payable by you (and is not payable by the supplier of that supply) because of the operation of Division 83 , 84 or 86 of the GST Act.