Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Bill

  • enacted
314 Section 20 amended (Calculation of tax payable)

(1)

In section 20(3)(e), replace “and 21F” with “21F, and 21FB(2)”.

(1B)

After section 20(3)(hb), insert:

(hc)

the amount given by section 20H in relation to the supply during the taxable period of certain financial services:

(1B)

After section 20(3)(hc), insert:

(hd)

the amount given by section 20H in relation to the supply during the taxable period of certain financial services:

(2)

In section 20(3D), replace the words before paragraph (a) with “A registered person who makes both taxable and exempt supplies is not required to apportion input tax for an adjustment period between such supplies if the registered person has reasonable grounds to believe that the total value of exempt supplies will not exceed the lesser of— ”.

(3)

In section 20(3E)(a), replace “subsections (3C) to (3J)” with “subsections (3C), (3D), and (3G) to (3M)”.

(4)

After section 20(3E), insert:

(3EB)

A registered person may choose to use, for apportioning input tax in relation to a supply of goods and services made to the registered person, a fair and reasonable method of apportionment that—

(a)

has regard to the tenor of subsections (3C), (3D), and (3G) to (3M); and

(b)

is agreed with the Commissioner by—

(i)

the registered person, if the registered person reasonably expects to make supplies of goods or services with a value of more than $24,000,000 in a 12-month period that includes the month in which the registered person proposes the agreement:

(ii)

an industry association, if the method is intended by the Commissioner and the industry association to be available to a person such as the registered person.

(5)

In section 20(3F), replace “subsections (3C) to (3J)” with “subsections (3C) to (3EB), and (3G) to (3M)”.

(6)

Replace section 20(3J)(a)(iii) with:

(iii)

treat as output tax, for attribution to a taxable period under section 20(4), an amount that is the same proportion of the nominal GST component as the proportion of the use of the goods and services that is non-taxable use; and

(7)

In section 20(3K), replace “subsections (3) and (3C)” with “subsections (3), (3C), and (3J)”.

(8)

In section 20(4)(c), after “(3)(b)”, insert “or 21FB(4)”.