A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 51.45 Additional net amounts relating to GST joint ventures

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 51.45

  (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).