A New Tax System (Goods and Services Tax) Act 1999
Chapter 4
-
The special rules
Part 4-2
-
Special rules mainly about supplies and acquisitions
If:
(a) a * contributing operator ' s payment is made; and
(b) as a result of section 80-60 , there was a * decreasing adjustment for the * managing operator under Division 79 in relation to the * managing operator ' s payment or supply ;
Managing operator ' s settlement amount
(2)
The managing operator ' s settlement amount mentioned in subsection (1) is worked out using this method statement. Method statement
Step 1.(a) the sum of the payments of *
money
, or *digital currency, (if any) that are included in the *
managing operator
'
s payment or supply
; and
(b) the *
GST inclusive market value
of the supplies (if any) that are included in the *
managing operator
'
s payment or supply
(other than supplies that would have been *
taxable supplies
but for section
78-25
or
79-60
).
Step 2.
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 80 - Settlement sharing arrangements Subdivision 80-B - Nominal defendant settlement sharing arrangements 80-70 Managing operator ' s increasing adjustment where contributing operator ' s payment (1)If:
(a) a * contributing operator ' s payment is made; and
(b) as a result of section 80-60 , there was a * decreasing adjustment for the * managing operator under Division 79 in relation to the * managing operator ' s payment or supply ;
there is an increasing adjustment for the managing operator of the following amount:
|
*Contributing operator
'
s payment
Managing operator ' s settlement amount (see subsection (2)) |
× *Decreasing adjustment |
Managing operator ' s settlement amount
(2)
The managing operator ' s settlement amount mentioned in subsection (1) is worked out using this method statement. Method statement
Step 1.
Add together:
Step 2.
If, in relation to the * managing operator ' s payment or supply , any payments of an excess were made to the * managing operator , subtract from the step 1 amount the sum of all those payments (except to the extent that they are payments of excess to which section 78-18 or 79-55 applies).
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