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  

135-10   Later adjustments for supplies of going concerns  

(1)  
If you are the * recipient of a * supply of a going concern , or a supply that is * GST-free under section 38-480 , Division 129 (which is about changes in the extent of creditable purpose) applies to that acquisition, in relation to:


(a) the proportion of all the supplies made through the * enterprise that you intend will be supplies that are neither * taxable supplies nor * GST-free supplies; and


(b) the proportion of all the supplies made through the * enterprise that are supplies that are neither taxable supplies nor GST-free supplies;

in the same way as that Division applies:


(c) in relation to the extent to which you made an acquisition for a * creditable purpose ; and


(d) in relation to the extent to which a thing acquired is * applied for a creditable purpose.

(2)  
For the purpose of applying Division 129 , the proportions referred to in paragraphs (1)(a) and (b) are to be expressed as percentages worked out on the basis of the * prices of the supplies in question.

(3)  
This section applies in relation to any * supply of a going concern , or a supply that is * GST-free under section 38-480 , whether or not it is a supply in respect of which you have had an * increasing adjustment under section 135-5 .


 

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