A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 99.10 Attributing the GST relating to deposits that are forfeited etc.
A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 99.10
Attributing the GST relating to deposits that are forfeited etc.(1) The GST payable by you on a * taxable supply for which the * consideration is a deposit that was held as security for the performance of an obligation is attributable to the tax period during which the deposit:
(a) is forfeited because of a failure to perform the obligation; or
(b) is applied as all or part of the consideration for a supply.
(2) This section has effect despite section 29 - 5 (which
is about attributing GST for taxable supplies).