A New Tax System (Goods and Services Tax) Act 1999
Note:Division 136 - Bad debts relating to transactions that are not taxable or creditable to the fullest extent
The amount of an * increasing adjustment that you have under section 21-15 , relating to a *creditable acquisition that is * creditable at less than 1/11 of the consideration , is worked out under this section and not under section 21-15 . (2)
This is how to work out the amount: Method statement
Work out the amount of the input tax credit (if any) to which you were entitled for the acquisition, taking into account any previous * adjustments for the acquisition. This amount is the previous credit amount .
Subtract the step 2 amount from the total amount of the * consideration that you have either provided, or are liable to provide, for the acquisition.
Work out the amount of the input tax credit (if any), taking into account any previous * adjustments for the acquisition (but not adjustments relating to bad debts or debts overdue), to which you would be entitled for the acquisition if the * consideration for the acquisition were the step 3 amount. This amount of GST is the adjusted credit amount .
Subtract the adjusted credit amount from the previous credit amount.