16General rules for taxing assessable dealings

16 General rules for taxing assessable dealings

(1) Table 1 sets out all the assessable dealings that can be subject to sales tax. (2) If the time of an assessable dealing (as specified in column 4 of the Table) is on or after the first taxing day, and no exemption applies under Division 2 of this Part, then: (a) the dealing is a taxable dealing; (b) the person specified in column 3 is the person liable to the tax; (c) the tax becomes payable at the time of the dealing, as specified in column 4; (d) the tax is due for payment at the time that applies under Division 2 of Part 5.

Note: Generally, no sales tax is payable on an assessable dealing if the time of the dealing (as specified in column 4 of Table 1) is after the commencement of the A New Tax System (End of Sales Tax) Act 1999.

(3) To calculate the amount of the tax: (a) determine the taxable value of the dealing under Division 3 of this Part; (b) deduct any exempt part of the taxable value that applies under Division 4 of this Part; (c) multiply the result by the rate that applies under the Exemptions and Classifications Act.