Section CH 5 — Income Tax Act 2007: Adjustment for GST

CH 5 Adjustment for GST Income (1) An adjustment taken into account under section 20(3)(e) of the Goods and Services Tax Act 1985 relating to the application of goods and services is income of a person. Exclusion (2) This section does not apply to an adjustment made in relation to a capital asset. Timing of income (3) The income is allocated to the income year in which the amount is calculated. Defined in this Act: amount , income , income year Compare: 2004 No 35 s CH 5 Section CH 5(1): amended, on 1 April 2011 (applying to taxable supplies made on or after 1 April 2011), by section 31(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section CH 5(2): substituted, on 1 April 2011 (applying to taxable supplies made on or after 1 April 2011), by section 31(2) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section CH 5(3) list of defined terms taxable supply : repealed, on 1 April 2011, by section 31(3) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).