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

Part 3 - Agreements spanning 1 July 2000  

Division 2 - Agreements also spanning 1 July 2005  

Subdivision B - Payment of GST payable by recipients of supplies  

15D   Amounts of GST  

(1)  
If GST is payable by the recipient of the taxable supply because of this Division, the amount of GST on the supply is 10% of the price of the supply to the extent that it is made on or after the applicable day for the supply.

(2)  
If the supplier and the recipient are associates and:


(a) the supply is without consideration; or


(b) the consideration for the supply is less than the GST exclusive market value of the supply;

the reference in subsection (1) to the price of the supply is taken to be a reference to the GST exclusive market value of the supply.

(3)  
Subsection (2) does not apply if:


(a) the recipient acquires the thing supplied solely for a creditable purpose; and


(b) the recipient is registered or required to be registered.

(4)  
This section has effect despite section 9-70 of the GST Act (which is about the amount of GST on taxable supplies).




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