A New Tax System (Goods and Services Tax Transition) Act 1999

Part 3 - Agreements spanning 1 July 2000  

Division 2 - Agreements also spanning 1 July 2005  

Subdivision C - Arbitrated offers  

15L   Arbitration  

(1)  
Change to the consideration must be arbitrated as follows:


(a) the supplier must apply to an arbitrator for the appointment of an assessor to determine an appropriate change to the consideration;


(b) the arbitrator must appoint as an assessor a person whom the arbitrator is satisfied:


(i) is suitably qualified to determine an appropriate change to the consideration; and

(ii) is independent of both the supplier and the recipient;


(c) in determining an appropriate change, the assessor must only take into account the impact of the New Tax System changes on the supplier ' s cost and expenses;


(d) the assessor ' s determination of an appropriate change must be made within 28 days of the end of the offer period and:


(i) be in writing, signed and dated by the assessor; or

(ii) be in the form specified in the regulations.

(2)  
The supplier must not apply under paragraph (1)(a) until after:


(a) the end of the initial offer period; or


(b) the recipient gives to the supplier a written rejection of the initial offer;

whichever happens earlier.

(3)  


In this section:

New Tax System changes
means the following:


(a) the amendment of the former Sales Tax (Exemptions and Classifications) Act 1992 made by this Act;


(b) the ending of sales tax, as provided for in the former A New Tax System (End of Sales Tax) Act 1999 ;


(c) the imposition of GST;


(d) any other changes (including changes to Commonwealth, State or Territory laws) prescribed by the regulations for the purposes of this definition.


 

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