INCOME TAX ASSESSMENT ACT 1997 - SECT 27.20 Elements in calculation of amounts
INCOME TAX ASSESSMENT ACT 1997 - SECT 27.20
Elements in calculation of amountsIn calculating an amount that you may be able to deduct:
(a) 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; and
(b) 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.