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

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СКАЧАТЬ periods

      Chapter 4 contains special rules relating to tax periods, as follows:

      Checklist of special rules

      Item

      For this case…

      See:

      1AAA

      Annual tax periods

      Division 151

      1

      Changes in the extent of creditable purpose

      Division 129

      1AA

      GST groups

      Division 48

      1AB

      Payment of GST by instalments

      Division 162

      1A

      Representatives of incapacitated entities

      Division 58

      2

      Resident agents acting for non-residents

      Division 57

      Division 29—What is attributable to tax periods

      Table of Subdivisions

      29-A The attribution rules

      29-B Accounting on a cash basis

      29-C Tax invoices and adjustment notes

      29-1 What this Division is about

      This Division tells you the tax periods to which your taxable supplies, creditable acquisitions, creditable importations and adjustments are attributable. You need to know this to work out your net amounts under Part 2–4.

      Note: This Division does not deal with your taxable importations, because they are not attributed to tax periods. See section 33–15 for payment of GST on taxable importations.

      Subdivision 29-A — The attribution rules

      29-5 Attributing the GST on your taxable supplies

      (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.

      29–10 Attributing the input tax credits for your creditable acquisitions

      (1) The input tax credit to which you are entitled for a *creditable acquisition is attributable to:

      (a) the tax period in which you provide any of the *consideration for the acquisition; or

      (b) if, before you provide any of the consideration, an *invoice is issued relating to the acquisition — 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, you provide all of the *consideration for a *creditable acquisition — the input tax credit for the acquisition is attributable to that tax period; or

      (b) if, in a tax period, you provide part of the consideration — the input tax credit for the acquisition is attributable to that tax period, but only to the extent that you provided the consideration in that tax period; or

      (c) if, in a tax period, none of the consideration is provided — none of the input tax credit for the acquisition is attributable to that tax period.

      (3) If you do not hold a *tax invoice for a *creditable acquisition when you give to the Commissioner a *GST return for the tax period to which the input tax credit (or any part of the input tax credit) on the acquisition would otherwise be attributable:

      (a) the input tax credit (including any part of the input tax credit) is not attributable to that tax period; and

      (b) the input tax credit (or part) is attributable to the first tax period for which you give to the Commissioner a GST return at a time when you hold that tax invoice.

      However, this subsection does not apply in circumstances of a kind determined in writing by the Commissioner to be circumstances in which the requirement for a tax invoice does not apply.

      For the giving of GST returns to the Commissioner, see Division 31.

      (4) If the *GST return for a tax period states a *net amount that does not take into account an input tax credit attributable to that tax period:

      (a) the input tax credit is not attributable to that tax period; and

      (b) the input tax credit is attributable to the first tax period for which you give the Commissioner a GST return that does take it into account.

      Note: Section 93-5 may provide a time limit on your entitlement to an input tax credit.

      29–15 Attributing the input tax credits for your creditable importations

      (1) The input tax credit to which you are entitled for a *creditable importation is attributable to the tax period in which you pay the GST on the importation.

      (2) However, if paragraph 33–15(1)(b) applies to payment of the GST on the importation, the input tax credit is attributable to the tax period in which the liability for the GST arose.

      29–20 Attributing your adjustments

      (1) An *adjustment that you have is attributable to the tax period in which you become aware of the adjustment.

      (2) However, if you *account on a cash basis, and the *adjustment arises from an *adjustment event as a result of which you are liable to provide *consideration, then:

      (a) if, in a tax period, all of the consideration is provided — the *adjustment is attributable to that tax period; or

      (b) if, in a tax period, part of the consideration is provided — the adjustment СКАЧАТЬ