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

Chapter 2 - The basic rules  

Part 2-4 - Net amounts and adjustments  

Division 19 - Adjustment events  

Subdivision 19-A - Adjustment events  

19-10  Adjustment events  

(1)  

An adjustment event is any event which has the effect of:


(a) cancelling a supply or acquisition; or


(b) changing the *consideration for a supply or acquisition; or


(c) causing a supply or acquisition to become, or stop being, a *taxable supply or *creditable acquisition.

Example:

If goods that are supplied for export are not exported within the time provided in section 38-185, the supply is likely to become a taxable supply after originally being a supply that was GST-free.

(2)  

Without limiting subsection (1), these are *adjustment events:


(a) the return to a supplier of a thing, or part of a thing, supplied (whether or not the return involves a change of ownership of the thing);


(b) a change to the previously agreed *consideration for a supply or acquisition, whether due to the offer of a discount or otherwise;


(c) a change in the extent to which an entity that makes an acquisition provides, or is liable to provide, consideration for the acquisition (unless the entity *accounts on a cash basis).

(3)  

An *adjustment event:


(a) can arise in relation to a supply even if it is not a *taxable supply; and


(b) can arise in relation to an acquisition even if it is not a *creditable acquisition.

(4)  

 View history reference
However, the return of a thing supplied, or part of a thing supplied, to its supplier is not an *adjustment event if the return is for the purpose of repair or maintenance.


 



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