Tax Laws Amendment (Long-term Non-reviewable Contracts) Act 2005 (10 of 2005)

Schedule 1   Long term non reviewable contracts

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

13   After subsection 13(4A)

Insert:

(4B) If:

(a) a change is made to the consideration for supplies that are specifically identified by an agreement of the kind referred to in subsection (1); and

(b) the change is made after the commencement of this subsection; and

(c) the change applies to supplies made before 1 July 2005;

supplies that are specifically identified by the agreement are not GST-free under this section to the extent that the supplies are made on or after the day on which the change takes effect.

(4C) Whether a supply made before 1 July 2005 is GST-free under this section is not affected by:

(a) a change (made after the commencement of this subsection), whether agreed to before, on or after 1 July 2005, to the consideration for supplies made on or after 1 July 2005 that are specifically identified by an agreement; or

(b) the carrying out, whether before, on or after 1 July 2005, of any of the processes referred to in Subdivision C of Division 2 in relation to supplies made on or after 1 July 2005 that are specifically identified by an agreement.

(4D) In subsections (4B) and (4C):

change , to the consideration for a supply, means a change to that consideration (including a change to the method by which the consideration is worked out) not provided for in an agreement of the kind referred to in subsection (1).