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 80 - Settlement sharing arrangements  

Subdivision 80-B - Nominal defendant settlement sharing arrangements  

80-70   Managing operator ' s increasing adjustment where contributing operator ' s payment  

(1)  
If:


(a) a * contributing operator ' s payment is made; and


(b) as a result of section 80-60 , there was a * decreasing adjustment for the * managing operator under Division 79 in relation to the * managing operator ' s payment or supply ;

there is an increasing adjustment for the managing operator of the following amount:


  *Contributing operator ' s payment  
Managing operator ' s settlement
amount (see subsection (2))
×   *Decreasing adjustment

Managing operator ' s settlement amount

(2)  


The managing operator ' s settlement amount mentioned in subsection (1) is worked out using this method statement. Method statement

Step 1.

Add together:

  • (a) the sum of the payments of * money , or *digital currency, (if any) that are included in the * managing operator ' s payment or supply ; and
  • (b) the * GST inclusive market value of the supplies (if any) that are included in the * managing operator ' s payment or supply (other than supplies that would have been * taxable supplies but for section 78-25 or 79-60 ).

  • Step 2.

    If, in relation to the * managing operator ' s payment or supply , any payments of an excess were made to the * managing operator , subtract from the step 1 amount the sum of all those payments (except to the extent that they are payments of excess to which section 78-18 or 79-55 applies).


     

    Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

    CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

    The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.