A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 (177 of 1999)

Schedule 5   Income tax deductions for GST-related expenditure

Income Tax Assessment Act 1997

12   Subsection 995-1(1)

Insert:

value of the business supplies : the value of the business supplies an entity makes in an income year is the sum of:

(a) for *taxable supplies (if any) the entity made during the year in the ordinary course of carrying on a *business - the value (as defined by section 9-75 of the *GST Act) of the supplies; and

(b) for other supplies the entity made during the year in the ordinary course of carrying on a business - the prices (as defined by section 9-75 of the GST Act) of the supplies.


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