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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 27 - Effect of input tax credits etc. on deductions    View history reference

Subdivision 27-A - General    View history reference

SECTION 27-15  GST payments  

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27-15(1)  

You cannot deduct under this Act a loss or outgoing consisting of a payment under Division 33 of the * GST Act.

27-15(2)  

This section does not apply to the payment:


(a) to the extent (if any) that the * net amount to which the payment relates was increased under section 21-5 of the *Wine Tax Act (which allows for such increases to take account of wine equalisation tax); and
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(b) to the extent (if any) that the * net amount was increased under section 13-5 of the *Luxury Car Tax Act (which allows for such increases to take account of luxury car tax); and
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(c) to the extent (if any) that the * net amount was increased under paragraph 13-10(1)(a) of the Luxury Car Tax Act (which allows for such alterations to take account of increasing luxury car tax adjustments under that Act).
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27-15(3)  

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This section does not apply to the payment of *assessed GST (under section 33-15 of the * GST Act) on a * taxable importation that:


(a) was not a * creditable importation; or


(b) was * partly creditable;

but only to the extent that that payment of assessed GST exceeds the * input tax credit (if any) to which you are entitled for that importation.


 



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