A New Tax System (Goods and Services Tax) Act 1999
Chapter 4
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The special rules
Part 4-6
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Special rules mainly about tax periods
If, at the start of a tax period, you start to * account on a cash basis , then:
(a) the GST payable by you on a * taxable supply that you made; or
(b) the input tax credit to which you are entitled for a * creditable acquisition ; or
(c) an * adjustment that you have;
(2)
This section has effect despite sections 29-5 , 29-10 and 29-20 (which are about attributing GST on supplies, input tax credits on acquisitions, and adjustments) and any other provisions of this Chapter.
Note:
The special rules in this Part mainly modify the operation of Part 2-6 , but they may affect other Parts of Chapter 2 in minor ways.
Division 159 - Changing your accounting basis 159-20 Starting to account on a cash basis (1)If, at the start of a tax period, you start to * account on a cash basis , then:
(a) the GST payable by you on a * taxable supply that you made; or
(b) the input tax credit to which you are entitled for a * creditable acquisition ; or
(c) an * adjustment that you have;
that was attributable to one or more previous tax periods remains attributable to those periods, and not to any other tax period.
(2)
This section has effect despite sections 29-5 , 29-10 and 29-20 (which are about attributing GST on supplies, input tax credits on acquisitions, and adjustments) and any other provisions of this Chapter.
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