A New Tax System (Luxury Car Tax) Act 1999
Part 3 - Paying the luxury car tax
Subdivision 15-C - Bad debts adjustments
15-45 Recovering amounts previously written off
(1)
You have an
increasing luxury car tax adjustment
if:
(a)
you made a *
taxable supply of a luxury car
in relation to which you had a *
decreasing luxury car tax adjustment
under
section 15-40
for a debt; and
(b)
you recover the whole or a part of the amount or amounts of the debt that have been written off as bad or *overdue for 12 months or more.
View history note
Hide history note(2)
The increasing luxury car tax adjustment is equal to:
(a)
the amount of luxury car tax (if any) that would be payable if the *price of the supply of the car (disregarding any previous *luxury car tax adjustments for the supply) was reduced by the sum of:
(i) the amount or amounts of the debt previously written off as bad; and
and then increased by an amount equal to the amount or amounts recovered; minus
(ii) the amount of the debt that has been *overdue for 12 months or more (other than amounts already written off);
(b)
the amount of luxury car tax (if any) payable on the supply of the luxury car, taking into account any previous *luxury car tax adjustments for the supply.
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