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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 134.15

Attribution of decreasing adjustments

             (1)  If:

                     (a)  you have a * decreasing adjustment under section 134-5; and

                     (b)  you do not hold a * third party adjustment note for the adjustment when you give to the Commissioner a * GST return for the tax period to which the adjustment (or any part of the adjustment) would otherwise be attributable;

then:

                     (c)  the adjustment (including any part of the adjustment) is not attributable to that tax period; and

                     (d)  the adjustment (or part) is attributable to the first tax period for which you give to the Commissioner a GST return at a time when you hold that third party adjustment note.

However, this subsection does not apply in circumstances of a kind determined by the Commissioner, by legislative instrument, to be circumstances in which the requirement for an adjustment note does not apply.

Note:          For the giving of GST returns to the Commissioner, see Division 31.

             (2)  This section does not apply to a * decreasing adjustment of an amount that does not exceed the amount provided for under subsection 29-80(2).

             (3)  This section has effect despite section 29-20 (which is about attributing adjustments).



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