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 135 - Supplies of going concerns  

135-1   What this Division is about  

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The recipient of a supply of a going concern has an increasing adjustment to take into account the proportion (if any) of supplies that will be made in running the concern and that will not be taxable supplies or GST-free supplies. Later adjustments are needed if this proportion changes over time.

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History

S 135-1 amended by No 176 of 1999, s 3 and Sch 1 item 113, by substituting ``(if any) of supplies that will be made in running the concern and that will not be taxable supplies or GST-free supplies'' for ``of input taxed supplies (if any) that will be made in running the concern'', effective 1 July 2000.

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