Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 129.25

Effect on adjustment periods of things being disposed of etc.

             (1)  Despite section 129-20, if:

                     (a)  you dispose of a thing acquired or imported (other than in circumstances giving rise to a * decreasing adjustment under Division 132); or

                     (b)  a thing acquired or imported is lost, stolen or destroyed; or

                     (c)  a thing is acquired only for a particular period and that period expires;

the next tax period applying to you that ends:

                     (d)  on 30 June in any year; or

                     (e)  if none of the tax periods applying to you in a particular year ends on 30 June--closer to 30 June than any of the other tax periods applying to you in that year;

is the last * adjustment period for the acquisition or importation in question.

             (2)  Despite section 129-20, if:

                     (a)  you dispose of a thing acquired or imported; and

                     (b)  the disposal takes place in circumstances giving rise to a * decreasing adjustment under Division 132;

then:

                     (c)  the last * adjustment period to end before the disposal is the last adjustment period for the acquisition or importation in question; and

                     (d)  if no such adjustment period ended before the disposal, there is no adjustment period for the acquisition or importation.

             (3)  This section does not apply to a disposal if this Division continues to apply to the acquisition or importation of the thing because of subsection 138-17(2).



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback