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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 21 - Bad debts  

21-15  Bad debts written off (creditable acquisitions)  

(1)  

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You have an increasing adjustment if:


(a) you made a *creditable acquisition for *consideration; and


(b) the whole or part of the consideration is *overdue, but you have not provided the consideration overdue; and
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(c) the supplier of the thing you acquired writes off as bad the whole or a part of the debt, or the whole or a part of the debt has been overdue for 12 months or more.
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The amount of the increasing adjustment is 1/11 of the amount written off, or 1/11 of the amount that has been overdue for 12 months or more, as the case requires.

(2)  

However, you cannot have an *adjustment under this section if you *account on a cash basis.

 



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