Tax Laws Amendment (2005 Measures No. 2) Act 2005 (78 of 2005)

Schedule 6   Goods and services tax and real property

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

19   After section 75-25

Insert:

75-27 Decreasing adjustment for later payment of consideration

(1) You have a decreasing adjustment if:

(a) section 75-12 applied to working out the *margin for a *taxable supply of *real property that you made; and

(b) after you made the supply, a further amount of the *consideration was paid for the earlier supply referred to in that section.

(2) The amount of the decreasing adjustment is an amount equal to 1/11 of the further amount of the *consideration paid.