Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 27.15

  (1)   You cannot deduct under this Act a loss or outgoing consisting of a payment under Division   33 of the * GST Act.

  (2)   This section does not apply to the payment:

  (a)   to the extent (if any) that the * net amount to which the payment relates was increased under section   21 - 5 of the * Wine Tax Act (which allows for such increases to take account of wine equalisation tax); and

  (b)   to the extent (if any) that the * net amount was increased under section   13 - 5 of the * Luxury Car Tax Act (which allows for such increases to take account of luxury car tax); and

  (c)   to the extent (if any) that the * net amount was increased under paragraph   13 - 10(1)(a) of the Luxury Car Tax Act (which allows for such alterations to take account of increasing luxury car tax adjustments under that Act).

  (3)   This section does not apply to the payment of * assessed GST (under section   33 - 15 of the * GST Act) on a * taxable importation that:

  (a)   was not a * creditable importation; or

  (b)   was * partly creditable;

but only to the extent that that payment of assessed GST exceeds the * input tax credit (if any) to which you are entitled for that importation.