Section Sch5-10 — Income Tax Act 2007

10 The following paragraphs apply to a person who values a vehicle on the basis of its cost price exclusive of GST or its tax value calculated exclusive of GST: (a) the terms ‘cost price’ and ‘tax value’ in clause 1 do not include an amount of GST payable: (b) the references to 5% in clause 1 are treated as if they were references to a percentage calculated using the formula— 5 + (5 × rate of GST applying on last day of relevant quarter): (c) the references to 9% in clause 1 are treated as if they were references to a percentage calculated using the formula— 9 + (9 × rate of GST applying on last day of relevant quarter): (d) the references to 20% in clause 1 are treated as if they were references to a percentage calculated using the formula— 20 + (20 × rate of GST applying on last day of relevant tax year or corresponding income year): (e) the references to 36% in clause 1 are treated as if they were references to a percentage calculated using the formula— 36 + (36 × rate of GST applying on last day of relevant tax year or corresponding income year).