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

Chapter 2 - The basic rules  

Part 2-4 - Net amounts and adjustments  

Division 19 - Adjustment events  

Subdivision 19-B - Adjustments for supplies  

19-40   Where adjustments for supplies arise  
You have an adjustment for a supply for which you are liable to pay GST (or would be liable to pay GST if it were a * taxable supply ) if:

(a) in relation to the supply, one or more * adjustment events occur during a tax period; and

(b) GST on the supply was attributable to an earlier tax period (or, if the supply was not a taxable supply, would have been attributable to an earlier tax period had the supply been a taxable supply); and

(c) as a result of those adjustment events, the * previously attributed GST amount for the supply (if any) no longer correctly reflects the amount of GST (if any) on the supply (the corrected GST amount ), taking into account any change of circumstances that has given rise to an adjustment for the supply under this Subdivision or Division 21 or 134 .

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History

S 19-40 amended by No 21 of 2010, s 3 and Sch 1 item 2, by inserting " or 134 " after " Division 21 " in para (c), applicable in relation to payments made on or after 1 July 2010.

S 19-40 amended by No 177 of 1999, s 3 and Sch 1 item 13, by substituting para (c), effective 1 July 2000. Para (c) formerly read:

(c) as a result of those adjustment events, the *previously attributed GST amount for the supply no longer correctly reflects the amount of GST on the supply (the corrected GST amount ), taking into account any adjustments for the supply.

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