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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 102 - Cancelled lay-by sales  

102-5  Cancelled lay-by sales  

(1)  

If a supply by way of lay-by sale is cancelled:


(a) any amount already paid by the *recipient that the supplier retains because of the cancellation; and


(b) any amount the supplier recovers from the recipient because of the cancellation;

is treated as *consideration for a supply made by the supplier and as consideration for an acquisition made by the recipient.

(2)  

This section has effect despite section 9-15 (which is about what is consideration).

 



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