Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 960.405

Effect of GST on market value of an asset

             (1)  The market value of an asset at a particular time is reduced by the amount of the * input tax credit (if any) to which you would be entitled assuming that:

                     (a)  you had * acquired the asset at that time; and

                     (b)  the acquisition had been solely for a * creditable purpose.

             (2)  Subsection (1) does not apply:

                     (a)  to an asset the * supply of which cannot be a * taxable supply; or

                     (b)  in working out the * market value of economic benefits, or of * equity or loan interests, for the purposes of Part 3-95 (about value shifting).

Note:          Some assets, such as shares, cannot be the subject of a taxable supply.



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