A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 (177 of 1999)
Schedule 1 Indirect Tax Acts
Part 1 Amendment of the A New Tax System (Goods and Services Tax) Act 1999
132 Section 195-1 (definition of GST exclusive market value )
Repeal the definition, substitute:
GST exclusive market value , in relation to a supply or acquisition:
(a) other than of a *luxury car - is 10/11 of the *GST inclusive market value of the supply or acquisition; or
(b) of a *luxury car - is 10/11 of the *GST inclusive market value of the luxury car (excluding any *luxury car tax that is, or would be, payable on the supply of that car).