A New Tax System (Goods and Services Tax) Act 1999
72‑70 The value of taxable supplies for 72‑70 The value of taxable supplies for inadequate consideration
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72‑70 The value of taxable supplies for inadequate consideration
(1) If a supply to your *associate for *consideration that is less than the *GST inclusive market value is a *taxable supply, its value is the *GST exclusive market value of the supply. (2) Subsection (1) does not apply if: (a) your associate is *registered or *required to be registered; and (b) your associate acquires the thing supplied solely for a *creditable purpose. (3) This section has effect despite section 9‑75 (which is about the value of taxable supplies). (4) This section does not apply to a supply that is a *taxable supply because of section 84‑5 (which is about offshore supplies).