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

Chapter 4 - The special rules  

Part 4-2 - Special rules mainly about supplies and acquisitions  

Note:

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

Division 102 - Cancelled lay-by sales  

102-5   Cancelled lay-by sales  

(1)    
If a supply by way of lay-by sale is cancelled:


(a) any amount already paid by the * recipient that the supplier retains because of the cancellation; and


(b) any amount the supplier recovers from the recipient because of the cancellation;

is treated as * consideration for a supply made by the supplier and as consideration for an acquisition made by the recipient.


(2)    
This section has effect despite section 9-15 (which is about what is consideration).




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