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.


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