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

Part 5 - Special transitional rules  

19   Construction agreements made before 1 July 2000  

(1)    
This section applies to the extent that a supply of goods or real property is the construction, major reconstruction, manufacture or extension of a building or of a civil engineering work by the supplier, and the goods or real property are:


(a) supplied in accordance with a written agreement made before 1 July 2000; and


(b) made available to the recipient on or after 1 July 2000.

(2)    
The value of all work and materials permanently incorporated in or affixed on the site of the building or civil engineering work in accordance with the agreement must be determined, as at the start of 1 July 2000.

(3)    


GST is only payable on the supply to the extent that the price of the supply (less the amount of any GST payable on the supply) exceeds the value determined under subsection (2) .
Note:

Division 29 of the GST Act and section 10 of this Act contain rules about attributing the GST to tax periods.


(4)    
This section only applies to the extent that the value mentioned in subsection (2) is determined:


(a) in a manner specified by the Commissioner; and


(b) on or before the end of the supplier's first tax period after 1 July 2000, or a later day allowed by the Commissioner.

(5)    
If section 13 applies to the agreement, treat the references to 1 July 2000 in subsections (2) and (4) of this section and in section 10 as references instead to the earlier of the following:


(a) 1 July 2005;


(b) the time when a review opportunity as mentioned in paragraph 13(2)(b) first arises.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.