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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)  


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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.


S 21-15(1) amended by No 177 of 1999, s 3 and Sch 1 items 21 to 24, by substituting ``*overdue'' for ``due'' (first occurring) and ``overdue'' for ``due'' (second occurring) in para (b), ``overdue'' for ``due'' in para (c) and ``overdue'' for ``due'' (last occurring), effective 1 July 2000.


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


This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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