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A New Tax System (Goods and Services Tax) Act 1999

Chapter 4 - The special rules  

Part 4-2 - Special rules mainly about supplies and acquisitions  

Note:

The special rules in this Part mainly modify the operation of Part 2-2, but they may affect other Parts of Chapter 2 in minor ways.

Division 75 - Sale of freehold interests etc.  

75-12  Working out margins to take into account failure to pay full consideration  

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In working out the *margin for a *taxable supply of *real property you make (the later supply), if:


(a) you had acquired the interest, unit or lease in question through a supply (the earlier supply); and


(b) the *consideration for:


(i) if your acquisition was not an acquisition from a *member of a *GST group of which you were also a member at the time of the acquisition - the earlier supply; or

(ii) if your acquisition was such an acquisition - the last supply of the interest, unit or lease at a time when the supplier of that last supply was not, but the *recipient of that last supply was, a member of the GST group;
had not been paid in full at the time of the later supply;

treat the amount of the consideration as having been reduced by the amount of unpaid consideration referred to in paragraph (b).

Note:

If you subsequently pay more of the consideration for the earlier supply, you may have a decreasing adjustment: see section 75-27.


 



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