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

Chapter 4 - The special rules  

Part 4-4 - Special rules mainly about net amounts and adjustments  

Note:

The special rules in this Part mainly modify the operation of Part 2-4, but they may affect other Parts of Chapter 2 in minor ways.

Division 135 - Supplies of going concerns  

135-5  Initial adjustments for supplies of going concerns  

(1)  

You have an increasing adjustment if:


(a) you are the *recipient of a *supply of a going concern, or a supply that is *GST-free under section 38-480; and


(b) you intend that some or all of the supplies made through the *enterprise to which the supply relates will be supplies that are neither *taxable supplies nor *GST-free supplies.
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(2)  

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The amount of the increasing adjustment is as follows:
 1 
10
×Supply price×Proportion of non-creditable use

where:

proportion of non-creditable use is the proportion of all the supplies made through the *enterprise that you intend will be supplies that are neither *taxable supplies nor *GST-free supplies, expressed as a percentage worked out on the basis of the *prices of those supplies.

supply price means the *price of the supply in relation to which the increasing adjustment arises.


 



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