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  

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 100 - Vouchers  

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History

Division 100 inserted by No 177 of 1999, s 3 and Sch 1 item 98, effective 1 July 2000.

100-15   Increasing adjustments for unredeemed vouchers  

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(1)    
You have an increasing adjustment if:

(a) you supplied a * voucher for * consideration ; and

(b) on redemption of the voucher, the holder of the voucher was entitled to supplies up to the *stated monetary value of the voucher; and

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(c) the voucher has not been fully redeemed; and

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(d) you have, for accounting purposes, written back to current income any reserves for the redemption of the voucher.

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History

S 100-15(1) amended by No 32 of 2006, s 3 and Sch 4 item 11, by inserting " fully " before " redeemed " in para (c), applicable in relation to supplies made on or after 11 May 2005.

S 100-15(1) amended by No 32 of 2006, s 3 and Sch 4 item 10, by substituting " the *stated monetary value of the voucher " for " a monetary value stated on the voucher " in para (b), applicable, and taken to have applied, in relation to supplies made on or after 1 July 2000.

(2)    

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The amount of the increasing adjustment is 1/11 of the *stated monetary value of the voucher to the extent that it was not redeemed.

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History

S 100-15(2) substituted by No 32 of 2006, s 3 and Sch 4 item 12, applicable in relation to supplies made on or after 11 May 2005. S 100-15(2) formerly read:

(2)
The amount of the increasing adjustment is 1/11 of the amount written back to current income.

S 100-15 inserted by No 177 of 1999, s 3 and Sch 1 item 98, effective 1 July 2000.

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