A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 134.15 Attribution of decreasing adjustments

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 134.15

  (1)   If:

  (a)   you have a * decreasing adjustment under section   134 - 5; and

  (b)   you do not hold a * third party adjustment note for the adjustment when you give to the Commissioner a * GST return for the tax period to which the adjustment (or any part of the adjustment) would otherwise be attributable;

then:

  (c)   the adjustment (including any part of the adjustment) is not attributable to that tax period; and

  (d)   the adjustment (or part) is attributable to the first tax period for which you give to the Commissioner a GST return at a time when you hold that third party adjustment note.

However, this subsection does not apply in circumstances of a kind determined by the Commissioner, by legislative instrument, to be circumstances in which the requirement for an adjustment note does not apply.

Note:   For the giving of GST returns to the Commissioner, see Division   31.

  (2)   This section does not apply to a * decreasing adjustment of an amount that does not exceed the amount provided for under subsection   29 - 80(2).

  (3)   This section has effect despite section   29 - 20 (which is about attributing adjustments).