Commonwealth Consolidated Acts

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A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 99.5

Giving a deposit as security does not constitute consideration

             (1)  A deposit held as security for the performance of an obligation is not treated as * consideration for a supply, unless the deposit:

                     (a)  is forfeited because of a failure to perform the obligation; or

                     (b)  is applied as all or part of the consideration for a supply.

             (2)  This section has effect despite section 9-15 (which is about consideration).



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