A New Tax System (Goods and Services Tax) Act 1999
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 138 - Cessation of registration 138-5 Adjustments for cessation of registration (1)You have an increasing adjustment if:
(a) your * registration is cancelled; and
(b) immediately before the cancellation takes effect, your assets include anything in respect of which you were, or are, entitled to an input tax credit.
Note:
Increasing adjustments increase your net amounts.
(2)
The amount of the adjustment, for each thing referred to in paragraph (1)(b) , is as follows:
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1
11 |
× | *Actual application of the thing | × | Applicable value |
where:
(a) the * GST inclusive market value of the thing immediately before the cancellation takes effect; or
(b) if you were, or are, entitled to an input tax credit for acquiring the thing - the amount of the * consideration that you provided, or were liable to provide, for your acquisition of the thing, but only if the amount is less than that value; or
(c) if you were, or are, entitled to an input tax credit for importing the thing - the cost to you of acquiring or producing the thing (plus the * assessed GST paid on its importation), but only if the amount is less than that value.
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However, an * adjustment does not arise under this section in respect of an asset if:
(a) there were one or more * adjustment periods for your acquisition or importation of the asset; and
(b) the last of those adjustment periods has ended before the cancellation of your * registration takes effect.
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