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Income Tax Assessment Act 1997
27‑20 Elements in calculation of amounts27‑20 Elements in calculation of amounts
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27‑20 Elements in calculation of amounts
In calculating an amount that you may be able to deduct: (a) an element in the calculation that is an amount paid or payable is treated as not including an amount equal to any *input tax credit for an *acquisition related to the amount paid or payable, or any *decreasing adjustment related to that amount; and (b) an element in the calculation that is an amount received or receivable is treated as not including an amount equal to any *GST payable on a *taxable supply related to the amount received or receivable, or any *increasing adjustment related to that amount.