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

Chapter 4 - The special rules  

Part 4-1 - Special rules mainly about particular ways entities are organised  

Note:

The special rules in this Part mainly modify the operation of Part 2-2 so far as that Part deals with liability for GST and entitlement to input tax credits, but the special rules also affect other aspects of Part 2-2 and the other Parts of Chapter 2 .

Division 51 - GST joint ventures  

Subdivision 51-B - Consequences of GST joint ventures  

51-45   Additional net amounts relating to GST joint ventures  

(1)  
Division 17 applies to the * joint venture operator of a * GST joint venture as if the joint venture operator had an additional * net amount , relating to the joint venture, for each tax period.

(2)  
The additional * net amount relating to the joint venture is worked out as if the joint venture operator:


(a) is only liable for the GST on * taxable supplies that the joint venture operator makes, on behalf of another entity that is a * participant in the joint venture, in the course of activities for which the joint venture was entered into; and


(b) is only entitled to the input tax credits for * creditable acquisitions or * creditable importations that the joint venture operator makes on behalf of another entity that is a participant in the joint venture, in the course of activities for which the joint venture was entered into; and


(c) only has adjustments relating to supplies, acquisitions or importations that the joint venture operator makes, on behalf of another entity that is a participant in the joint venture, in the course of activities for which the joint venture was entered into.

(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.

(3)  
This section has effect despite sections 17-5 and 17-10 (which are about net amounts and adjustments).


 

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