TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 3 - Collection, recovery and administration of other taxes  

PART 3-10 - INDIRECT TAXES  

Division 111 - Wine tax and luxury car tax  

Subdivision 111-D - Effect on contracts from amendments to laws  

SECTION 111-60   ALTERATION OF CONTRACTS IF COST OF COMPLYING WITH AGREEMENT IS AFFECTED BY LATER ALTERATION TO WINE TAX OR LUXURY CAR TAX LAWS  

111-60(1)  


If, after a contract involving a *supply, or a *taxable dealing in relation to *wine, has been made, an alteration to the *wine tax law or the *luxury car tax law happens and the alteration directly causes an increase or decrease in the cost to a party to the agreement of complying with the agreement, then the contract is altered as follows:


(a) if the cost is increased - by allowing the party to add the increase to the contract price;


(b) if the cost is decreased - by allowing the other party to deduct the decrease from the contract price.

111-60(2)  
The contract is not altered if:


(a) the contract has express written provision to the contrary; or


(b) it is clear from the terms of the contract that the alteration of the *wine tax law or the *luxury car tax law has been taken into account in the agreed contract price.




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