A New Tax System (Goods and Services Tax) Act 1999

Chapter 4 - The special rules  

Part 4-4 - Special rules mainly about net amounts and adjustments  

Note:

The special rules in this Part mainly modify the operation of Part 2-4 , but they may affect other Parts of Chapter 2 in minor ways.

Division 129 - Changes in the extent of creditable purpose  

Subdivision 129-B - Adjustment periods  

129-25   Effect on adjustment periods of things being disposed of etc.  

(1)    

Despite section 129-20 , if:

(a) you dispose of a thing acquired or imported (other than in circumstances giving rise to a * decreasing adjustment under Division 132 ); or

(b) a thing acquired or imported is lost, stolen or destroyed; or

(c) a thing is acquired only for a particular period and that period expires;

the next tax period applying to you that ends:

(d) on 30 June in any year; or

(e) if none of the tax periods applying to you in a particular year ends on 30 June - closer to 30 June than any of the other tax periods applying to you in that year;

is the last * adjustment period for the acquisition or importation in question.

(2)    
Despite section 129-20 , if:

(a) you dispose of a thing acquired or imported; and

(b) the disposal takes place in circumstances giving rise to a * decreasing adjustment under Division 132 ;

then:

(c) the last * adjustment period to end before the disposal is the last adjustment period for the acquisition or importation in question; and

(d) if no such adjustment period ended before the disposal, there is no adjustment period for the acquisition or importation.

(3)    

This section does not apply to a disposal if this Division continues to apply to the acquisition or importation of the thing because of subsection 138-17(2) .