A New Tax System (Goods and Services Tax) Act 1999
The special rules
Special rules mainly about net amounts and adjustments
The special rules in this Part mainly modify the operation of
, but they may affect other Parts of
in minor ways.
Cessation of registration
138-5 Adjustments for cessation of registration
You have an
(a) your *
is cancelled; and
(b) immediately before the cancellation takes effect, your assets include anything in respect of which you were, or are, entitled to an input tax credit.
Increasing adjustments increase your net amounts.
The amount of the adjustment, for each thing referred to in
, is as follows:
|×||*Actual application of the thing||×||Applicable value|
applicable value is:
(a) the *
GST inclusive market value
of the thing immediately before the cancellation takes effect; or
(b) if you were, or are, entitled to an input tax credit for acquiring the thing
the amount of the *
that you provided, or were liable to provide, for your acquisition of the thing, but only if the amount is less than that value; or
(c) if you were, or are, entitled to an input tax credit for importing the thing
the cost to you of acquiring or producing the thing (plus the *
paid on its importation), but only if the amount is less than that value.
amended by No 39 of 2012, s 3 and Sch 1 item 92, by substituting
in para (c), applicable in relation to payments and refunds that relate to tax periods, and fuel tax return periods, starting on or after 1 July 2012; and also in relation to payments and refunds that: (a) do not relate to any tax periods or fuel tax return periods; and (b) relate to liabilities or entitlements that arose on or after 1 July 2012.
However, an *
does not arise under this section in respect of an asset if:
(a) there were one or more *
for your acquisition or importation of the asset; and
(b) the last of those adjustment periods has ended before the cancellation of your *