Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 29.5

  (1)   The GST payable by you on a * taxable supply is attributable to:

  (a)   the tax period in which any of the * consideration is received for the supply; or

  (b)   if, before any of the consideration is received, an * invoice is issued relating to the supply--the tax period in which the invoice is issued.

  (2)   However, if you * account on a cash basis, then:

  (a)   if, in a tax period, all of the * consideration is received for a * taxable supply--GST on the supply is attributable to that tax period; or

  (b)   if, in a tax period, part of the consideration is received--GST on the supply is attributable to that tax period, but only to the extent that the consideration is received in that tax period; or

  (c)   if, in a tax period, none of the consideration is received--none of the GST on the supply is attributable to that tax period.