Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 17.15

Elements in calculation of amounts

                   In calculating an amount that may be included in assessable income:

                     (a)  an element in the calculation that is an amount received or receivable is treated as not including an amount equal to any * GST payable on a * taxable supply related to the amount received or receivable, or any * increasing adjustment related to that amount; and

                     (b)  an element in the calculation that is an amount paid or payable is treated as not including an amount equal to any * input tax credit for an * acquisition related to the amount paid or payable, or any * decreasing adjustment related to that amount.



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