A New Tax System (Luxury Car Tax) Act 1999

Part 3 - Paying the luxury car tax  

Division 15 - Adjustments  

Subdivision 15-C - Bad debts adjustments  

15-45   Recovering amounts previously written off  

(1)  
You have an increasing luxury car tax adjustment if:


(a) you made a * taxable supply of a luxury car in relation to which you had a * decreasing luxury car tax adjustment under section 15-40 for a debt; and


(b) you recover the whole or a part of the amount or amounts of the debt that have been written off as bad or *overdue for 12 months or more.

(2)  


The increasing luxury car tax adjustment is equal to:


(a) the amount of luxury car tax (if any) that would be payable if the *price of the supply of the car (disregarding any previous *luxury car tax adjustments for the supply) was reduced by the sum of:


(i) the amount or amounts of the debt previously written off as bad; and

(ii) the amount of the debt that has been *overdue for 12 months or more (other than amounts already written off);
and then increased by an amount equal to the amount or amounts recovered; minus


(b) the amount of luxury car tax (if any) payable on the supply of the luxury car, taking into account any previous *luxury car tax adjustments for the supply.




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