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INCOME TAX ASSESSMENT ACT 1997 - SECT 960.405 Effect of GST on market value of an asset

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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