Taxation Laws Amendment Act (No. 8) 2000 (156 of 2000)

Schedule 4   Adjustments

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

13   Section 136-1

Repeal the section, substitute:

136-1 What this Division is about

The amount of an adjustment that you have under Division 21 for a bad debt is reduced under this Division if the transaction to which the adjustment relates:

• was a supply that was partly taxable or an acquisition that was partly creditable; or

• was fully taxable or creditable, but not to the extent of1/11 of the price or consideration for the transaction.

Subdivision 136-A - Bad debts relating to partly taxable or creditable transactions