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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 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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