Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Division 17 applies to the * joint venture operator of a * GST joint venture as if the joint venture operator had an additional * net amount, relating to the joint venture, for each tax period.
(2) The additional * net amount relating to the joint venture is worked out as if the joint venture operator:
(a) is only liable for the GST on * taxable supplies that the joint venture operator makes, on behalf of another entity that is a * participant in the joint venture, in the course of activities for which the joint venture was entered into; and
(b) is only entitled to the input tax credits for * creditable acquisitions or * creditable importations that the joint venture operator makes on behalf of another entity that is a participant in the joint venture, in the course of activities for which the joint venture was entered into; and
(c) only has adjustments relating to supplies, acquisitions or importations that the joint venture operator makes, on behalf of another entity that is a participant in the joint venture, in the course of activities for which the joint venture was entered into.
(2A) However, while an election made by the * joint venture operator under section 51 - 52 has effect:
(a) Division 17 applies to the joint venture operator as if the joint venture operator had an additional * net amount, relating to all the * GST joint ventures for which the joint venture operator is the joint venture operator, for each tax period; and
(b) that additional net amount is worked out by aggregating what would be the additional * net amounts relating to each GST joint venture under subsection (2) if that subsection applied.
(3) This section has effect despite sections 17 - 5 and 17 - 10 (which are about net amounts and adjustments).