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
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.
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.
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).
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.
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.
S 19-10(4) inserted by No 176 of 1999, s 3 and Sch 1 item 28, effective 1 July 2000.