A New Tax System (Goods and Services Tax) Act 1999
Note:Division 99 - Deposits as security 99-10 Attributing the GST relating to deposits that are forfeited etc. (1)
The GST payable by you on a * taxable supply for which the * consideration is a deposit that was held as security for the performance of an obligation is attributable to the tax period during which the deposit:
(a) is forfeited because of a failure to perform the obligation; or
(b) is applied as all or part of the consideration for a supply. (2)
This section has effect despite section 29-5 (which is about attributing GST for taxable supplies).
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