Commonwealth Consolidated Acts

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 21.15

Bad debts written off (creditable acquisitions)

             (1)  You have an increasing adjustment if:

                     (a)  you made a * creditable acquisition for * consideration; and

                     (b)  the whole or part of the consideration is * overdue, but you have not provided the consideration overdue; and

                     (c)  the supplier of the thing you acquired writes off as bad the whole or a part of the debt, or the whole or a part of the debt has been overdue for 12 months or more.

The amount of the increasing adjustment is 1 / 11 of the amount written off, or 1 / 11 of the amount that has been overdue for 12 months or more, as the case requires.

             (2)  However, you cannot have an * adjustment under this section if you * account on a cash basis.



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