A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 58.15 Adjustments for bad debts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 58.15

  (1)   For the purposes of determining whether an * adjustment arises under section   21 - 5 or 21 - 15 for the whole or a part of a debt relating to a * taxable supply or * creditable acquisition for which a * representative of an * incapacitated entity is liable to pay GST, or is entitled to an input tax credit, under section   58 - 10:

  (a)   the adjustment cannot arise if, when the whole or part of the debt is written off, or has been * overdue for 12 months, the representative * accounts on a cash basis; but

  (b)   it does not matter whether the incapacitated entity accounts on a cash basis at that or any other time.

  (2)   This section has effect despite subsections   21 - 5(2) and 21 - 15(2) (which preclude adjustments for bad debts when accounting on a cash basis).