A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 21.20 Recovering amounts previously written off (creditable acquisitions)
A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 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.
The amount of the decreasing adjustment is 1 / 11 of the amount recovered.