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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME    View history reference

Division 17 - Effect of GST etc. on assessable income    View history reference

SECTION 17-10  Certain decreasing adjustments  

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17-10(1)  

An amount of a *decreasing adjustment that arises under Division 129 or 132 of the *GST Act is assessable income, unless the entity that has the adjustment is an *exempt entity.

17-10(2)  

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However, the amount is not assessable income to the extent that, because it becomes a component of a *net input tax credit, a reduction is made under section 103-30 (reduction of cost base etc. by net input tax credits).


 



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