Commonwealth Consolidated Acts

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 135.5

Initial adjustments for supplies of going concerns

             (1)  You have an increasing adjustment if:

                     (a)  you are the * recipient of a * supply of a going concern, or a supply that is * GST-free under section 38-480; and

                     (b)  you intend that some or all of the supplies made through the * enterprise to which the supply relates will be supplies that are neither * taxable supplies nor * GST-free supplies.

             (2)  The amount of the increasing adjustment is as follows:

where:

"proportion of non-creditable use" is 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, expressed as a percentage worked out on the basis of the * prices of those supplies.

"supply price" means the * price of the supply in relation to which the increasing adjustment arises.



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