A New Tax System (Goods and Services Tax) Act 1999
Chapter 4
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The special rules
Part 4-2
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Special rules mainly about supplies and acquisitions
If an amount is retained or recovered in circumstances referred to in section 102-5 :
(a) the GST payable by you on a * taxable supply for which the amount is * consideration ; or
(b) the input tax credit to which you are entitled for a * creditable acquisition for which the amount is consideration;
(2)
This section has effect despite sections 29-5 and 29-10 (which are about attributing GST for taxable supplies and input tax credits for creditable acquisitions).
Note:
The special rules in this Part mainly modify the operation of Part 2-2 , but they may affect other Parts of Chapter 2 in minor ways.
Division 102 - Cancelled lay-by sales 102-10 Attributing GST and input tax credits (1)If an amount is retained or recovered in circumstances referred to in section 102-5 :
(a) the GST payable by you on a * taxable supply for which the amount is * consideration ; or
(b) the input tax credit to which you are entitled for a * creditable acquisition for which the amount is consideration;
is attributable to the tax period during which the amount was retained or recovered, as the case requires.
(2)
This section has effect despite sections 29-5 and 29-10 (which are about attributing GST for taxable supplies and input tax credits for creditable acquisitions).
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