Document ID: chunk:federal_register_of_legislation:C2010C00300:clause:7_105
Version: federal_register_of_legislation:C2010C00300
Segment Type: clause
Provision Reference: sch 7 cl 105
Character Range: 47610–48940

105  At the end of Division 960
Add:

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.

Table of sections

Operative provisions

960‑405 Effect of GST on market value of an asset
960‑410 Market value of non‑cash benefits

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, disregard anything that would prevent or restrict conversion of the benefit to money.