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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  

21-20  Recovering amounts previously written off (creditable acquisitions)  

You have a decreasing adjustment if:

(a) you made a * creditable acquisition in relation to which you had an * increasing adjustment under section 21-15 for a debt; and

(b) you pay to the supplier of the thing you acquired the whole or a part of the amount written off, or the whole or a part of the amount that has been * overdue for 12 months or more, as the case requires.
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The amount of the decreasing adjustment is 1/11 of the amount recovered.


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