A New Tax System (Goods and Services Tax) Act - Australia

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car tax value has the meaning given by section 5-20 of the A New Tax System (Luxury Car Tax) Act 1999.

      (3) In working out under subsection (1) the value of a *taxable supply made in a *tax period, being a supply that is a *fringe benefit, the price is taken to be the sum of:

      (a) to the extent that, apart from this subsection, paragraph (a) of the definition of price in subsection (1) would be applicable:

      (i) if the fringe benefit is a car fringe benefit — so much of the amount that would be worked out under that paragraph as represented the *recipient’s payment made in that period; or

      (ii) if the fringe benefit is a benefit other than a car fringe benefit — so much of the amount that would be worked out under that paragraph as represented the *recipients contribution made in that period; and

      (b) to the extent that, apart from this subsection, paragraph (b) of the definition of price in subsection (1) would be applicable:

      (i) if the fringe benefit is a car fringe benefit — so much of the amount that would be worked out under that paragraph as represented the recipient’s payment made in that period; or

      (ii) if the fringe benefit is a benefit other than a car fringe benefit — so much of the amount that would be worked out under that paragraph as represented the recipients contribution made in that period.

      9-80 The value of taxable supplies that are partly GST-free or input taxed

      (1) If a supply (the actual supply) is:

      (a) partly a *taxable supply; and

      (b) partly a supply that is *GST-free or *input taxed;

      the value of the part of the actual supply that is a taxable supply is the proportion of the value of the actual supply that the taxable supply represents.

      (2) The value of the actual supply, for the purposes of subsection (1), is as follows:

      where:

      taxable proportion is the proportion of the value of the actual supply that represents the value of the *taxable supply (expressed as a number between 0 and 1).

      9-85 Value of taxable supplies to be expressed in Australian currency

      (1) For the purposes of this Act, the *value of a *taxable supply is to be expressed in Australian currency.

      (2) In working out the *value of a *taxable supply, any amount of the *consideration for the supply that is expressed in a currency other than Australian currency is to be treated as if it were an amount of Australian currency worked out in the manner determined by the Commissioner.

      9-90 Rounding of amounts of GST

      One taxable supply recorded on an invoice

      (1) If the amount of GST on a *taxable supply that is the only taxable supply recorded on a particular *invoice would, apart from this section, be an amount that includes a fraction of a cent, the amount of GST is rounded to the nearest cent (rounding 0.5 cents upwards).

      Several taxable supplies recorded on an invoice

      (2) If 2 or more *taxable supplies are recorded on the same *invoice, the total amount of GST on the supplies is:

      (a) what would be the amount of GST if it were worked out by:

      (i) working out the GST on each of the supplies (without rounding the amounts to the nearest cent); and

      (ii) adding the amounts together and, if the total is an amount that includes a fraction of a cent, rounding it to the nearest cent (rounding 0.5 cents upwards); or

      (b) the amount worked out using the following method statement:

      Method statement

      Step 1. Work out, for each *taxable supply, what would, apart from this section, be the amount of GST on the supply.

      Step 2. If the amount for the supply has more decimal places than the number of decimal places allowed by the accounting system used to work out the amount, round the amount (up or down as appropriate) to that number of decimal places.

      Note: Subsection (4) gives further details of this rounding.

      Step 3. Work out the sum of the amounts worked out under step 1 and (if applicable) step 2 for each supply.

      Step 4. If the sum under step 3 includes a fraction of a cent, round the sum to the nearest cent (rounding 0.5 cents upwards).

      (3) Whether to use paragraph (2)(a) or paragraph (2)(b) to work out the total amount of GST on the supplies is a matter of choice for:

      (a) the supplier if the amount is being worked out to ascertain the supplier’s liability for GST; or

      (b) the *recipient of the supplies if the amount is being worked out to ascertain the recipient’s entitlement to input tax credits.

      (4) In applying step 2 of the method statement in subsection (2), if:

      (a) the number of decimal places in the amount for the supply exceeds by one decimal place the number of decimal places allowed by the accounting system used to work out the amount; and

      (b) the last digit of the amount (before rounding) is 5;

      the amount is rounded upwards to that number of decimal places.

      Taxable supplies divided into items

      (5) If one or more *taxable supplies recorded on the same *invoice are divided into 2 or more items:

      (a) subsection (1) does not apply; and

      (b) subsection (2) applies as if each such item represented a separate taxable supply.

      Taxable supplies recorded on documents other than invoices

      (6) If one or more *taxable supplies, none of which are recorded on an *invoice, are recorded on a document that is not an invoice, this section applies as if the document were an invoice.

      9-99 Special rules relating to the amount of GST on taxable supplies

      Chapter 4 contains special rules relating to the amount of GST on taxable supplies, as follows:

      Checklist of special rules

      Item

      For this case…

      See:

      1A

      Agents and insurance brokers

      Division 153

      1

      Associates

      Division 72

      2

      Company amalgamations

      Division 90

      2A

      Compulsory third party schemes

      Division 79

      3

      Gambling

      Division 126

      4

      Long-term accommodation in commercial residential premises

      Division 87

      4AA

      Non-residents making supplies connected with Australia

      Division 83

      4A

      Offshore supplies other than goods or real property

      Division 84

      5

      Sale

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