A New Tax System (Goods and Services Tax) Act 1999

Chapter 2 - The basic rules  

Part 2-6 - Tax periods  

Division 29 - What is attributable to tax periods  

Subdivision 29-A - The attribution rules  

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 is attributable to that tax period, but only to the extent that the consideration is provided in that tax period; or

(c) if, in a tax period, none of the consideration is provided - none of the adjustment is attributable to that tax period.

(3)    
If:

(a) you have a * decreasing adjustment arising from an * adjustment event ; and

(b) you do not hold an * adjustment note for the adjustment when you give to the Commissioner a * GST return for the tax period to which the adjustment (or any part of the adjustment) would otherwise be attributable;

then:

(c) the adjustment (including any part of the adjustment) is not attributable to that tax period; and

(d) the adjustment (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 adjustment note.

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 an adjustment note does not apply.

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