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 80 - Settlement sharing arrangements  

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Subdivision 80-B - Nominal defendant settlement sharing arrangements  

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80-70   Managing operator ' s increasing adjustment where contributing operator ' s payment  

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(1)    
If:

(a) a * contributing operator ' s payment is made; and

(b) as a result of section 80-60 , there was a * decreasing adjustment for the * managing operator under Division 79 in relation to the * managing operator ' s payment or supply ;

there is an increasing adjustment for the managing operator of the following amount:

*Contributing operator ' s payment   Managing operator ' s settlement amount (see subsection (2))

×   *Decreasing adjustment

Managing operator ' s settlement amount

(2)    

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The managing operator ' s settlement amount mentioned in subsection (1) is worked out using this method statement. Method statement

Step 1.

Add together:

(a) the sum of the payments of * money , or *digital currency, (if any) that are included in the * managing operator ' s payment or supply ; and

(b) the * GST inclusive market value of the supplies (if any) that are included in the * managing operator ' s payment or supply (other than supplies that would have been * taxable supplies but for section 78-25 or 79-60 ).

Step 2.

If, in relation to the * managing operator ' s payment or supply , any payments of an excess were made to the * managing operator , subtract from the step 1 amount the sum of all those payments (except to the extent that they are payments of excess to which section 78-18 or 79-55 applies).

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History

S 80-70(2) amended by No 118 of 2017, s 3 and Sch 1 item 18, by inserting " , or *digital currency, " in para (a) of the method statement, step 1, effective 1 July 2017. For application provision, see note under the definition of " digital currency " in s 195-1 .

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History

S 80-70 inserted by No 67 of 2003, s 3 and Sch 11 item 18, applicable in relation to net amounts for tax periods starting on or after 1 July 2000.

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