3ACalculating the cost of the building work

3A Calculating the cost of the building work (1) In calculating the cost of the building work for the purposes of this Act (other than Part 9B)— (a) the cost of any chattel, and of any prescribed excluded item, (including GST) must be deducted from— (i) if there is a contract or agreement (other than a cost-plus contract or agreement) with a builder for carrying out the building work—the contract price or agreed amount to be paid to the builder (including for the cost of labour and materials) for carrying out the work; or (ii) if there is a cost-plus contract or agreement with a builder for carrying out building work—the estimated amount that the builder will receive or is likely to receive for carrying out the work; or (iii) if the building work is carried out by an owner-builder—the owner builder's estimated cost (including for labour and materials) of the owner-builder carrying out the work; and (b) any amount of GST payable in respect of the building work referred to in paragraph (a)(i), (ii) or (iii) must be included. See also sections 24A(1)(b) and 24B. (2) In addition, in calculating the cost of the building work carried out by an owner‑builder— (a) the following must be added to the cost of the building work calculated under subsection (1)— (i) if there is contract or agreement (other than a cost-plus contract or agreement) for carrying out the building work or part of the building work—the contract price or agreed amount to be paid to the builder for the building work; or (ii) if there is a cost-plus contract or agreement for carrying out the building work or part of the building work—the builder's estimate of the total amount that the builder will receive or is likely to receive under the contract or agreement for the building work; and (b) the cost of any chattel, and of any prescribed excluded item, (including GST) must be deducted from the contract price, agreed amount or estimate referred to in paragraph (a); and (c) any amount of GST payable in respect of the building work referred to in paragraph (a)(i) or (ii) must be included. ***GST*** has the same meaning as it has in the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth. S. 4 amended by Nos 39/1996 s. 4, 85/2000 s. 4, substituted by No. 54/2007 s. 4.