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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  

21-5  Writing off bad debts (taxable supplies)  


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You have a decreasing adjustment if:

(a) you made a *taxable supply; and

(b) the whole or part of the *consideration for the supply has not been received; and

(c) you write 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 decreasing 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.


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


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