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

Chapter 4 - The special rules  

Part 4-4 - Special rules mainly about net amounts and adjustments  

Note:

The special rules in this Part mainly modify the operation of Part 2-4 , but they may affect other Parts of Chapter 2 in minor ways.

Division 142 - Excess GST  

Subdivision 142-B - GST related to cancelled supplies  

142-20   Refunding GST relating to cancelled supplies  

(1)  
This section applies if:


(a) your *assessed net amount for a tax period takes into account an amount of GST on a supply; and


(b) you have a *decreasing adjustment attributable to a later tax period as a result of the cancellation of the supply.

(2)  
Reduce:


(a) your *decreasing adjustment; and


(b) if the *recipient of the supply has a corresponding *increasing adjustment - the recipient ' s increasing adjustment;

to the extent that you have *passed on that GST to the recipient, but not reimbursed the recipient for the passed-on GST.

(3)  
This section has effect despite sections 19-55 (about decreasing adjustments for supplies) and 19-80 (about increasing adjustments for acquisitions).




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.