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 69 - Non-deductible expenses  

Subdivision 69-B - Elections for GST purposes relating to meal entertainment and entertainment facilities  

69-50   Adjustment events relating to elections  

(1)  
The following are adjustment events if they have the effect of changing the extent to which an acquisition you made is a * creditable acquisition :


(a) an election you make under this Subdivision ceases to have effect at a time other than the start of an * FBT year ;


(b) an election is made under section 37AA , 37CA or 152B of the Fringe Benefits Tax Assessment Act 1986 for an FBT year, without one or more corresponding elections under this Subdivision having been made covering all the tax periods in that year;


(c) an election is not made under section 37AA , 37CA or 152B of that Act for an FBT year, but one or more corresponding elections have been made under this Subdivision covering one or more of the tax periods in that year.

(2)  
However, an * adjustment event under this section arises only in respect of a tax period in which:


(a) the day occurs by which you are required, under section 68 of the Fringe Benefits Tax Assessment Act 1986 , to furnish a return to the Commissioner relating to an *FBT year; or


(b) if you are not required under that section to lodge a return relating to that FBT year - the day occurs by which you would have been required under that section to lodge a return relating to that FBT year, if you were required to lodge the return.

(3)  
Subdivision 19-C applies to the acquisition in question as if every * adjustment event under this section that occurred during the * FBT year , and that relates to the acquisition, occurred during the tax period referred to in paragraph 19-70(a) .

(4)  
This table sets out when elections that you make or fail to make under section 37AA , 37CA or 152B of the Fringe Benefits Tax Assessment Act 1986 correspond to elections under this Subdivision:


Corresponding elections
Corresponding elections
Corresponding elections
Item These elections under the Fringe Benefits Tax Assessment Act 1986 ... correspond to these elections under this Subdivision...
1 an election under section 37AA, but without a further election under section 37CA an election under section 69-25
2 an election under section 37AA, together with a further election under section 37CA an election under section 69-30
3 an election under section 152B an election under section 69-35


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