Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p1
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 1/22)
Character Range: 7729219–7732025

3                                   Item 10A (general transfer balance cap)  the *index number mentioned in subsection 960‑280(1) (which is about the CPI)                                $100,000

960‑290  Indexation—levy threshold for the major bank levy
 (1) You index, on a *quarterly basis, the amount mentioned in the provision listed at item 14 in section 960‑265 by:
 (a) first, multiplying the amount by its *indexation factor mentioned in subsection (3); and
 (b) next, rounding the result in paragraph (a) down to the nearest multiple of $1,000,000.
 (2) You do not index the amount if the *indexation factor is 1 or less.
 (3) For indexation of the amount, the indexation factor is:
where:
GDP number for the base quarter is the estimate that is, at the end of the *quarter to which the indexation is to be applied, the estimate of the Gross Domestic Product: Current Prices‑Seasonally Adjusted most recently published by the Australian Statistician for the *quarter ending on 30 June 2017.
GDP number for the preceding quarter is the estimate of the Gross Domestic Product: Current Prices‑Seasonally Adjusted first published by the Australian Statistician for the *quarter preceding the quarter to which the indexation is to be applied.
 (4) You work out the *indexation factor mentioned in subsection (3) to 3 decimal places (rounding up if the fourth decimal place is 5 or more).

Subdivision 960‑S—Market value

Guide to Subdivision 960‑S

960‑400  What this Subdivision is about

      The expression "market value" is often used in this Act with its ordinary meaning.
      However, in some cases that expression has a meaning affected by this Subdivision.
      The Commissioner may approve methods to use for working out the market value of assets or non‑cash benefits.

Table of sections

Operative provisions
960‑405 Effect of GST on market value of an asset
960‑410 Market value of non‑cash benefits
960‑412 Working out market value using an approved method
960‑415 Amounts that depend on market value

Operative provisions

960‑405  Effect of GST on market value of an asset
 (1) The market value of an asset at a particular time is reduced by the amount of the *input tax credit (if any) to which you would be entitled assuming that:
 (a) you had *acquired the asset at that time; and
 (b) the acquisition had been solely for a *creditable purpose.
 (2) Subsection (1) does not apply:
 (a) to an asset the *supply of which cannot be a *taxable supply; or
 (b) in working out the *market value of economic benefits, or of *equity or loan interests, for the purposes of Part 3‑95 (about value shifting).
Note: Some assets, such as shares, cannot be the subject of a taxable supply.

960‑410  Market value of non‑cash benefits
  In working out the market value of a *non‑cash benefit,