Indirect Tax Legislation Amendment Act 2000 (92 of 2000)

Schedule 7   Joint ventures

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

12   After subsection 51-45(2)


(2A) However, while an election made by the *joint venture operator under section 51-52 has effect:

(a) Division 17 applies to the joint venture operator as if the joint venture operator had an additional *net amount, relating to all the *GST joint ventures for which the joint venture operator is the joint venture operator, for each tax period; and

(b) that additional net amount is worked out by aggregating what would be the additional *net amounts relating to each GST joint venture under subsection (2) if that subsection applied.