A New Tax System (Goods and Services Tax) Act 1999
|Chapter 4 - The special rules
|Part 4-2 - Special rules mainly about supplies and acquisitions
The special rules in this Part mainly modify the operation of Part 2-2, but they may affect other Parts of Chapter 2 in minor ways.
Div 86 inserted by No 76 of 2017, s 3 and Sch 1 item 6, applicable in relation to supplies of goods made on or after 1 April 2017.
The market value of goods consisting wholly or partly of *valuable metal exceeds the valuable metal threshold at a time if, at that time:
(a) unless paragraph (b) applies - the market value of the goods exceeds the market value of the valuable metal in the goods by at least the specified percentage (see subsection (4)); or
(b) if the goods consist of goods (separate goods), each of which:
(i) consist wholly or partly of valuable metal; and
(ii) can be separately supplied;
the market value of each of the separate goods exceeds the market value of the valuable metal in those particular separate goods by at least the specified percentage.
Market value of goods and valuable metal
For the purposes of subsection (1), the market value of goods or *valuable metal in goods:
(a) is to be worked out disregarding any amount of GST:
(i) that is payable on the supply of the goods or metal; or
(ii) if there is no supply of valuable metal - that would be payable if there were a supply of valuable metal; and
(i) unless subparagraph (ii) applies - is the market value of the goods or metal within the ordinary meaning of the expression; or
(ii) if the Commissioner has determined under subsection (3) one or more methods for working out the market value of goods or metal - the market value of the goods or metal worked out using any one of those methods.
The Commissioner may, by legislative instrument, determine one or more methods of working out the market value of goods or *valuable metal for the purposes of subparagraph (2)(b)(ii).
For the purposes of subsection (1), the specified percentage is:
(a) if the Minister determines a percentage under subsection (5) - that percentage; or
(b) otherwise - 10%.
The Minister may, by legislative instrument, determine a percentage for the purposes of paragraph (4)(a).
Effect of section
To avoid doubt, this section does not affect how goods that consist of goods that can be separately supplied are otherwise treated for the purposes of this Act.
S 86-10 inserted by No 76 of 2017, s 3 and Sch 1 item 6, applicable in relation to supplies of goods made on or after 1 April 2017.