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 105 - Supplies in satisfaction of debts  

105-1   What this Division is about  

This Division makes a creditor liable for GST on supplies of a debtor ' s property where the supply is in satisfaction of a debt owed to the creditor.

Note:

This Division overrides Division 58 to the extent that the creditor is a representative of the debtor and the debtor is an incapacitated entity (see section 58-95 ).

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History

S 105-1 amended by No 142 of 2012, s 3 and Sch 2 item 3, by inserting the note at the end, applicable in relation to supplies made on or after the start of the first quarterly tax period starting on or after 28 September 2012. For this purpose, it does not matter whether quarterly tax periods are the tax periods that apply to you.

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