Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX TRANSITION) ACT 1999 - SECT 15L

             (1)  Change to the consideration must be arbitrated as follows:

                     (a)  the supplier must apply to an arbitrator for the appointment of an assessor to determine an appropriate change to the consideration;

                     (b)  the arbitrator must appoint as an assessor a person whom the arbitrator is satisfied:

                              (i)  is suitably qualified to determine an appropriate change to the consideration; and

                             (ii)  is independent of both the supplier and the recipient;

                     (c)  in determining an appropriate change, the assessor must only take into account the impact of the New Tax System changes on the supplier's costs and expenses;

                     (d)  the assessor's determination of an appropriate change must be made within 28 days of the end of the offer period and:

                              (i)  be in writing, signed and dated by the assessor; or

                             (ii)  be in the form specified in the regulations.

             (2)  The supplier must not apply under paragraph (1)(a) until after:

                     (a)  the end of the initial offer period; or

                     (b)  the recipient gives to the supplier a written rejection of the initial offer;

whichever happens earlier.

             (3)  In this section:

"New Tax System changes" has the same meaning as in Part VB of the Trade Practices Act 1974 .