A New Tax System (Goods and Services Tax) Act 1999
You have an increasing adjustment if:
(a) you made a * creditable acquisition for * consideration ; and
(b) the whole or part of the consideration is * overdue , but you have not provided the consideration overdue; and
(c) the supplier of the thing you acquired writes off as bad the whole or a part of the debt, or the whole or a part of the debt has been overdue for 12 months or more.
The amount of the increasing adjustment is 1/11 of the amount written off, or 1/11 of the amount that has been overdue for 12 months or more, as the case requires.
S 21-15(1) amended by No 177 of 1999, s 3 and Sch 1 items 21 to 24, by substituting ``*overdue'' for ``due'' (first occurring) and ``overdue'' for ``due'' (second occurring) in para (b), ``overdue'' for ``due'' in para (c) and ``overdue'' for ``due'' (last occurring), effective 1 July 2000.
However, you cannot have an * adjustment under this section if you * account on a cash basis .
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