Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

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Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).

Note: See section 3AA .

Chapter 3 - Collection, recovery and administration of other taxes  

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Ch 3 inserted by No 73 of 2006 , s 3 and Sch 5 item 41, effective 1 July 2006.

PART 3-10 - INDIRECT TAXES  

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Pt 3-10 inserted by No 73 of 2006 , s 3 and Sch 5 item 41, effective 1 July 2006.

Division 111 - Wine tax and luxury car tax  

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Div 111 inserted by No 73 of 2006 , s 3 and Sch 5 item 41, effective 1 July 2006.

Subdivision 111-D - Effect on contracts from amendments to laws  

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Subdiv 111-D inserted by No 73 of 2006 , s 3 and Sch 5 item 41, effective 1 July 2006.

SECTION 111-60   ALTERATION OF CONTRACTS IF COST OF COMPLYING WITH AGREEMENT IS AFFECTED BY LATER ALTERATION TO WINE TAX OR LUXURY CAR TAX LAWS  

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111-60(1)    

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If, after a contract involving a *supply, or a *taxable dealing in relation to *wine, has been made, an alteration to the *wine tax law or the *luxury car tax law happens and the alteration directly causes an increase or decrease in the cost to a party to the agreement of complying with the agreement, then the contract is altered as follows:

(a) if the cost is increased - by allowing the party to add the increase to the contract price;

(b) if the cost is decreased - by allowing the other party to deduct the decrease from the contract price.

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S 111-60(1) amended by No 70 of 2015, s 3 and Sch 6 item 55, by substituting " , or a *taxable dealing in relation to *wine, " for " or a *wine taxable dealing " , effective 25 June 2015.

111-60(2)    
The contract is not altered if:

(a) the contract has express written provision to the contrary; or

(b) it is clear from the terms of the contract that the alteration of the *wine tax law or the *luxury car tax law has been taken into account in the agreed contract price.

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S 111-60 inserted by No 73 of 2006 , s 3 and Sch 5 item 41, effective 1 July 2006.

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