A New Tax System (Goods and Services Tax) Act. Australia

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СКАЧАТЬ take into account any change of circumstances that has given rise to an adjustment for the acquisition under this Subdivision or Division 21, 129, 133 or 134; and

      (b) if an adjustment relating to the acquisition under Division 131 was attributable to an earlier tax period:

      (i) do not take into account that adjustment; and

      (ii) treat the acquisition as one in relation to which Division 131 had not applied.

      19–75 Previously attributed input tax credit amounts

      The previously attributed input tax credit amount for an acquisition is:

      (a) the amount of any input tax credit that was attributable to a tax period in respect of the acquisition; minus

      (b) the sum of any *increasing adjustments, under this Subdivision or Division 21, 129, 131 or 134, that were previously attributable to a tax period in respect of the acquisition;plus

      (c) the sum of any *decreasing adjustments, under this Subdivision or Division 21, 129 or 133, that were previously attributable to a tax period in respect of the acquisition.

      19–80 Increasing adjustments for acquisitions

      If the *previously attributed input tax credit amount is greater than the *corrected input tax credit amount, you have an increasing adjustment equal to the difference between the previously attributed input tax credit amount and the corrected input tax credit amount.

      19–85 Decreasing adjustments for acquisitions

      If the *previously attributed input tax credit amount is less than the *corrected input tax credit amount, you have a decreasing adjustment equal to the difference between the corrected input tax credit amount and the previously attributed input tax credit amount.

      19–99 Special rules relating to adjustment events

      Chapter 4 contains special rules relating to *adjustment events in particular cases, as follows:

      Checklist of special rules

      Item

      For this case…

      See:

      1AA

      Compulsory third party schemes

      Division 79

      1A

      GST religious groups

      Division 49

      1

      Insurance

      Division 78

      2

      Non-deductible expenses

      Division 69

      2A

      Providing additional consideration under gross-up clauses

      Division 133

      3

      Settlement sharing arrangements

      Division 80

      4

      Third party payments

      Division 134

      Division 21—Bad debts

      21-1 What this Division is about

      If debts are written off as bad or are outstanding after 12 months, adjustments (for the purpose of working out net amounts) are made. They can arise both for amounts written off or outstanding and for recovery of amounts previously written off or outstanding.

      Note: This Division does not apply to supplies and acquisitions that you account for on a cash basis (except in the limited circumstances referred to in Division 159).

      21-5 Writing off bad debts (taxable supplies)

      (1) You have a decreasing adjustment if:

      (a) you made a *taxable supply; and

      (b) the whole or part of the *consideration for the supply has not been received; and

      (c) you write 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 decreasing adjustment is 1/11of 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.

      21–10 Recovering amounts previously written off (taxable supplies)

      You have an increasing adjustment if:

      (a) you made a *taxable supply in relation to which you had a *decreasing adjustment under section 21-5 for a debt; and

      (b) you recover the whole or a part of the amount written off, or the whole or a part of the amount that has been *overdue for 12 months or more, as the case requires.

      The amount of the increasing adjustment is 1/11of the amount recovered.

      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 1/11of 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.

      21–20 Recovering amounts previously written off (creditable acquisitions)

      You have a decreasing adjustment if:

      (a) you made a *creditable acquisition in relation to which you had an *increasing adjustment under section 21–15 for a debt; and

      (b) you pay to the supplier of the thing you acquired the whole or a part of the amount written off, or the whole or a part of the amount that has been *overdue for 12 months or more, as the case requires.

      The amount of the decreasing СКАЧАТЬ