Commonwealth Consolidated Acts

PETROLEUM RESOURCE RENT TAX ASSESSMENT ACT 1987 - SECT 22B

             (1)  For the purposes of this Division, a reference to consideration receivable, to value receivable or to an amount receivable does not include an amount equal to:

                     (a)  any GST payable on the supply for which the consideration, value or amount was receivable; or

                     (b)  any increasing adjustments that relate to that supply.

             (2)  For the purposes of this Division, a reference to the sale price of property does not include an amount equal to:

                     (a)  any GST payable on the sale; or

                     (b)  any increasing adjustments that relate to that sale.

             (3)  For the purposes of this Division, a reference to expenses payable in relation to a sale does not include an amount equal to:

                     (a)  any input tax credit to which you are entitled; or

                     (b)  any decreasing adjustment that you have;

in relation to those expenses.