A New Tax System (Goods and Services Tax) Act 1999
Note:Division 139 - Distributions from deceased estates
You have an increasing adjustment if:
(a) you are the executor or trustee of a deceased estate; and
(b) you are * registered or * required to be registered ; and
(c) you supply an asset of the deceased estate to a beneficiary of the deceased estate; and
(d) the supply is not a * taxable supply and is not a supply that is * GST-free or * input taxed ; and
(e) you were, or are, or the deceased person was, entitled to an input tax credit for the deceased person ' s acquisition or importation of the asset.
Increasing adjustments increase your net amounts.(2)
The amount of the adjustment, for the asset, is as follows:
|×||*Actual application of the thing||×||Applicable value|
(a) the * GST inclusive market value of the asset immediately before it is supplied; or
(b) if you were, or are, or the deceased person was, entitled to an input tax credit for the deceased person acquiring the thing - the amount of the * consideration that you or the deceased person provided, or was liable to provide, for the acquisition of the thing, but only if the amount is less than that value; or
(c) if you were, or are, or the deceased person was, entitled to an input tax credit for the deceased person importing the thing - the cost to you or the deceased person of acquiring or producing the thing (plus the *assessed GST paid on its importation), but only if the amount is less than that value.
However, an * adjustment does not arise under this section in respect of the asset if:
(a) the asset related to an * enterprise that the deceased person * carried on , and the beneficiary intends to continue to carry on that enterprise; or
(b) there were one or more * adjustment periods for the deceased person ' s acquisition or importation of the asset, and the last of those adjustment periods has ended before the cancellation of your * registration takes effect.
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