Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 72.70

  (1)   If a supply to your * associate for * consideration that is less than the * GST inclusive market value is a * taxable supply, its value is the * GST exclusive market value of the supply.

  (2)   Subsection   (1) does not apply if:

  (a)   your associate is * registered or * required to be registered; and

  (b)   your associate acquires the thing supplied solely for a * creditable purpose.

  (3)   This section has effect despite section   9 - 75 (which is about the value of taxable supplies).

  (4)   This section does not apply to a supply that is a * taxable supply because of section   84 - 5 (which is about offshore supplies).