Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 9.75

             (1)  The value of a ^* taxable supply is as follows:

where:

"price" is the sum of:

                     (a)  so far as the ^* consideration for the supply is consideration expressed as an amount of ^* money--the amount (without any discount for the amount of GST (if any) payable on the supply); and

                     (b)  so far as the consideration is not consideration expressed as an amount of money--the ^* GST inclusive market value of that consideration.

Example:    You make a taxable supply by selling a car for $22,000 in the course of carrying on an enterprise.

                   The value of the supply is:

                   The GST on the supply is therefore $2,000 (i.e. 10% of $20,000).

             (2)  However, if the taxable supply is of a ^* luxury car, the value of the taxable supply is as follows:

where:

"luxury car tax value" has the meaning given by section 5-20 of the A New Tax System (Luxury Car Tax) Act 1999 .

             (3)  In working out under subsection (1) the value of a ^* taxable supply made in a ^* tax period, being a supply that is a ^* fringe benefit, the price is taken to be the sum of:

                     (a)  to the extent that, apart from this subsection, paragraph (a) of the definition of price in subsection (1) would be applicable:

                              (i)  if the fringe benefit is a car fringe benefit--so much of the amount that would be worked out under that paragraph as represented the ^* recipient's payment made in that period; or

                             (ii)  if the fringe benefit is a benefit other than a car fringe benefit--so much of the amount that would be worked out under that paragraph as represented the ^* recipients contribution made in that period; and

                     (b)  to the extent that, apart from this subsection, paragraph (b) of the definition of price in subsection (1) would be applicable:

                              (i)  if the fringe benefit is a car fringe benefit--so much of the amount that would be worked out under that paragraph as represented the recipient's payment made in that period; or

                             (ii)  if the fringe benefit is a benefit other than a car fringe benefit--so much of the amount that would be worked out under that paragraph as represented the recipients contribution made in that period.