INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME  

Division 17 - Effect of GST etc. on assessable income  

SECTION 17-15   17-15   Elements in calculation of amounts  


In calculating an amount that may be included in assessable income:


(a) an element in the calculation that is an amount received or receivable is treated as not including an amount equal to any * GST payable on a * taxable supply related to the amount received or receivable, or any * increasing adjustment related to that amount; and


(b) an element in the calculation that is an amount paid or payable is treated as not including an amount equal to any * input tax credit for an * acquisition related to the amount paid or payable, or any * decreasing adjustment related to that amount.


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