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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 135.10

Later adjustments for supplies of going concerns

             (1)  If you are the * recipient of a * supply of a going concern, or a supply that is * GST-free under section 38-480, Division 129 (which is about changes in the extent of creditable purpose) applies to that acquisition, in relation to:

                     (a)  the proportion of all the supplies made through the * enterprise that you intend will be supplies that are neither * taxable supplies nor * GST-free supplies; and

                     (b)  the proportion of all the supplies made through the * enterprise that are supplies that are neither taxable supplies nor GST-free supplies;

in the same way as that Division applies:

                     (c)  in relation to the extent to which you made an acquisition for a * creditable purpose; and

                     (d)  in relation to the extent to which a thing acquired is * applied for a creditable purpose.

             (2)  For the purpose of applying Division 129, the proportions referred to in paragraphs (1)(a) and (b) are to be expressed as percentages worked out on the basis of the * prices of the supplies in question.

             (3)  This section applies in relation to any * supply of a going concern, or a supply that is * GST-free under section 38-480, whether or not it is a supply in respect of which you have had an * increasing adjustment under section 135-5.

Table of Subdivisions

136-A   Bad debts relating to partly taxable or creditable transactions

136-B    Bad debts relating to transactions that are taxable or creditable at less than 1 / 11 of the price



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